Despite technological innovations within the healthcare system the number of infectious disease outbreaks will continue to increase in the future (WHO 2018). Given this sobering fact it is crucial to explore how the concurrent COVID-19 pandemic is affecting consumer behaviour, highlight key trends, and consider what lasting impact it may have on consumers, in order for businesses to better prepare for both future crises and tomorrow’s consumer.
Through an exploratory case study, based on a quantitative survey with Danish consumers (n = 103) and a series of qualitative interviews with various experts within consumer behaviour and economics, this thesis concludes that Danish consumers, indeed was affected by COVID-19, however some more than others.
The utilization of online shopping matured a decade in a year’s time, pushing both new consumer segments and product categories online; the purchasing of electronics, paint and different DIY-products befitting the new lifestyle increased tremendously; in turn restaurants, bars, hotels, travel agencies, airlines, cinemas and other cultural institutions were devastated by the lockdowns and the related consumption patterns. Many Danish consumers lost their jobs and experienced great uncertainty; many also began to save up, however possibly involuntary, and some also began to focus more on their health and wellbeing in regard to consumption – likely to mitigate perceived risk connected to COVID-19.
With that said, it is evident that COVID-19, compared to former crises typically affecting everyone, did not affect all to the same degree – instead targeting only a handful of industries and consumers. Similarly, Danish consumers, in general, managed COVID-19 better than many countries, given that they were financially well-prepared, consumption levels didn’t decrease as much as other countries, and given their willingness to abruptly return to their old consumption patterns once the situation allowed it. It is, however, clear that some of the newly formed habits, such as an increased utilization of online shopping and working from home, will endure post-COVID-19.
|Educations||, (Graduate Programme) Final ThesisMSc in Management of Innovation and Business Development, (Graduate Programme) Final Thesis|
|Number of pages||119|