Socio -Economic status of an Individual and Impact of Covid-19: An Empirical Analysis
There’s no doubt that the crisis caused by the global Coronavirus (COVID-19) pandemic has created an impeccable and drastic business climate. Businesses are being presented with many new challenges as complete lockdown in all sectors whether it is international and domestic trade, daily wage workers income, companies, government and the number is countless. Companies face temporary or even permanent closures, with staff facing months of financial uncertainty and worry. Consumers who are the drivers of economy lack with confidence and their behaviour has been forced to immediate change with their spending and consumption. Those in isolation or under lockdown can’t perform their usual routines, especially since many local shops have been forced to close their doors for safety reasons. Concerns about the availability of goods have encouraged panic buying of items in bulk. Financial uncertainty and the prospect of a severe and long-term recession would have a significant impact on consumer outlook, perceptions and behaviours. This pandemic is moving towards a Black Swan Event which results from BCG consumer sentiment survey.
The present study attempts to explore and gauge the sentiments, expectations, income spending, and behaviors of Indian consumers and people during coronavirus crisis with a 360 degree view i.e. in all prospects. Further, the study focuses on the change in the media consumption habits towards E commerce and usage of electronic gadgets since the COVID-19 outbreak and finally focuses on the various ways in which they are using social media to stay connected, informed, learn and entertained. The study is an empirical analysis hence the findings are presented at the end.