Psychological and Economic Explanations for Why the COVID-19 Economic Crisis Occurred

Ofer Mintz ()
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Ofer Mintz: University of Technology Sydney

Chapter Chapter 4 in The Post-Pandemic Business Playbook, 2021, pp 49-62 from Springer

Abstract: Abstract This chapter helps explain why customer behavior changed in response to the pandemic. It begins by describing the psychology reasons for the changes to customer behavior and includes detailed analyses on why customer behavior shifted from hedonic behavior focusing on entertainment and prestige, located at the top of Maslow’s (1954) Hierarchy of Needs Pyramid, to utilitarian behavior focusing on fundamental aspects of survival and comfort, located at the bottom of the Pyramid. Then, the chapter describes the economic reasons for changes to customer behavior and how shifts in supply and demand changes make it neccesary for firms to adapt to a post-pandemic new reality.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-16-5868-6_4

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DOI: 10.1007/978-981-16-5868-6_4

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