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The Influence of Covid-19 on Consumers’ Perceptions of Uncertainty and Risk

In: Contemporary Issues in Social Science

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  • Bilge Villi

Abstract

Introduction:On November 17, 2019, in the city of Wuhan in the province of Hubei in China, the first COVID-19 case was determined. In the process since the first news of the epidemic up to now, substantial changes have been experienced in our living conditions. Due to the coronavirus epidemic that has shaken the entire world and had highly severe effects, the World Health Organization declared a global pandemic on March 11, 2020. The COVID-19 pandemic has led to several changes in our lives from the economy to politics and from education to consumption. Significant changes have been experienced especially in consumer behaviors.Purpose: With this study, it is aimed to investigate the changes experienced in the uncertainty and risk perceptions of consumers with the spread of the COVID-19 virus in the entire world and reveal the changes observed in consumer behaviors.Methodology: Within the scope of the research, research results measuring the effects of COVID-19 pandemic on consumer behavior were examined.Findings: – Uncertanity, risk and fear, which are generated by COVID-19, and the precautions of the New Normal led to some changes on both consumer behaviors and tourism sector. Based on this, within the scope of this research, the changing decisions and behaviors of consumers from COVID-19 and after, and the changes in some sectors and especially in the tourism sector were examined and predictions were determined for the future.

Suggested Citation

  • Bilge Villi, 2021. "The Influence of Covid-19 on Consumers’ Perceptions of Uncertainty and Risk," Contemporary Studies in Economic and Financial Analysis, in: Contemporary Issues in Social Science, volume 106, pages 135-148, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:csefzz:s1569-375920210000106009
    DOI: 10.1108/S1569-375920210000106009
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    More about this item

    Keywords

    COVID-19; uncertainty and risk; risk concept; uncertainty concept; consumer’s buying behavior; changed consumer decisions and behavior; M30; M31; I10;
    All these keywords.

    JEL classification:

    • M30 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - General
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing
    • I10 - Health, Education, and Welfare - - Health - - - General

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