Examining the role of saving and safety on the buying behavior: lessons from the Indian consumer's in COVID-19 crisis

Abstract

Purpose

The COVID-19 pandemic has transformed consumer buying behavior across the world. COVID-19 crisis brought a behavioral change in consumers' attitudes toward health, financial and social well-being. The current research work highlights the factors influencing consumer buying behavior during the COVID-19 pandemic considering saving and safety perspectives.

Design/methodology/approach

This study attempts to understand the gap in buying behavior with reference to saving and safety. Survey-based study was conducted during the second phase of COVID-19, and the respondents were those who lived in highly affected COVID cities in India. Exploratory factor analysis and multiple regression analysis were carried out for testing the hypotheses.

Findings

Seven factors became the prominent factors in consumer buying patterns during the pandemic. Consumers in the times of COVID-19 pandemic spend only on essential items as compared to nice-to-have and non-essential items.

Research limitations/implications

Respondents considered in the research were millennials aged 25–40. The current research is limited to specific geographic location.

Practical implications

The study assessed how savings and safety influence consumer buying behavior. The 2S framework model for consumer buying behavior during pandemic has been developed. The findings of the study provides a road map to the companies, policy makers, managers and consumers in understanding the consumer buying behavior during pandemic.

Originality/value

The current research work observe the changes in the behavioral patterns of consumers in the context of 2S framework, i.e. saving and safety. This study offer novel contribution as there is no available literature that examined the saving and safety aspects together for consumer buying behavior during crisis.

Citation

Khanna, P., Sehgal, R., Malviya, M. and Dubey, A.M. (2023), "Examining the role of saving and safety on the buying behavior: lessons from the Indian consumer's in COVID-19 crisis", Benchmarking: An International Journal, Vol. 30 No. 9, pp. 3674-3698. https://doi.org/10.1108/BIJ-06-2022-0351