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An analysis of the relationship between risk perceptions and willingness‐to‐pay for commodities during the COVID‐19 pandemic

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  • Ou Li
  • Da Qian

Abstract

The novel coronavirus disease of 2019 (COVID‐19) has had a significant impact on the global retail market. Nonetheless, consumers will eventually return to the market once the pandemic is effectively controlled. Therefore, it is critical to consider which features closely linked to COVID‐19 may affect consumer behavior. The present study thus addresses this gap by investigating the relationship of risk perceptions regarding COVID‐19 with an important component of consumer behavior—namely, willingness‐to‐pay (WTP)—and further explores the underlying mechanisms behind this relationship. Data collected from 480 Chinese participants were analyzed using structural equation modeling. Results showed that those with a greater risk perception regarding COVID‐19 were more likely to exhibit a higher WTP for various commodities, which can be driven by awe and perceived loss of control induced by COVID‐19. The present study delineates the effect that public health emergencies have on the consumption intentions of the general public.

Suggested Citation

  • Ou Li & Da Qian, 2022. "An analysis of the relationship between risk perceptions and willingness‐to‐pay for commodities during the COVID‐19 pandemic," Journal of Consumer Affairs, Wiley Blackwell, vol. 56(1), pages 257-275, March.
    • Handle: RePEc:bla:jconsa:v:56:y:2022:i:1:p:257-275
    DOI: 10.1111/joca.12407
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    References listed on IDEAS

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    Cited by:

    1. Elizabeth A. Minton, 2022. "Pandemics and consumers' mental well‐being," Journal of Consumer Affairs, Wiley Blackwell, vol. 56(1), pages 5-14, March.
    2. Fei Huang & Wenqiu Guo, 2023. "Rise of Mental Sub-Health Consumers: Examining the Compulsive Buying Behavior in the Post-COVID-19 Era," SAGE Open, , vol. 13(4), pages 21582440231, December.
    3. Kim, Sanghee & Chang, Hyo Jung (Julie), 2023. "Mechanism of retail therapy during stressful life events: The psychological compensation of revenge consumption toward luxury brands," Journal of Retailing and Consumer Services, Elsevier, vol. 75(C).

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