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The Economic Influence on Consumers Buying Behavior in Islamic Countries: Evidence from the COVID-19 Economic Crisis

Author

Listed:
  • Mukit Mohammad Mushfiqul Haque

    (Department of Economics, Jahangirnagar University.1342, Savar, Dhaka, Bangladesh Department of Business Administration, East West University, A/2 Jahurul Islam Ave, Dhaka 1212, Bangladesh)

  • Nabila Nusrat Jahan

    (Department of Business Administration, University of Asia Pacific, Green Road, Dhaka 1205, Bangladesh)

  • Abdel-Razzaq Assim Ibrahim

    (Accounting & Finance Department, Prince Mohammad Bin Fahd University, Al-Khobar, Kingdom of Saudi Arabia (KSA))

  • Shaznin Kazi Fatema

    (Department of Environmental Management, University of the West of England - UWE Bristol., Bristol, United Kingdom)

Abstract
The Covid-19 pandemic has ushered in a new age in the world. We are still grappling with the implications in various areas of our everyday lives. The impulsive buying habits of consumers, the supply chain, and the whole industry are not exceptions. Consumers and supply chains were both unprepared during the early stages of the novel coronavirus pandemic. The procurement of utilitarian products was referred to as panic buying. The study examined using exploratory studies on several individuals in the eight selected Islamic countries who have been panic buying in coronavirus-affected areas and have faced regional constraints. The data apply on exploratory factor analysis (EFA) in eight selected Islamic countries, three hundred sample finally selected, and a good number of volunteers supported in this study. The results have shown that a drastic financial effect on the economy where purchasing power and remittance inflow declined, inflation goes up and precaution for lockdown, whereas impulsive buying goods tendency increased due to misinformation, and panic buying immensely impact in the economy. The decision-making process has shifted, preventing financial burdening, rising saving patterns, and unwelcoming unhealthy consumption. Moreover, visible psychological distress, depression, anxiety, and post-traumatic stress. These studies concluded with a policy recommendation providing the results.

Suggested Citation

  • Mukit Mohammad Mushfiqul Haque & Nabila Nusrat Jahan & Abdel-Razzaq Assim Ibrahim & Shaznin Kazi Fatema, 2021. "The Economic Influence on Consumers Buying Behavior in Islamic Countries: Evidence from the COVID-19 Economic Crisis," Economics, Sciendo, vol. 9(1), pages 179-203, June.
    • Handle: RePEc:vrs:econom:v:9:y:2021:i:1:p:179-203:n:6
    DOI: 10.2478/eoik-2021-0003
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    References listed on IDEAS

    as
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Consumer; Panic Buying; Covid-19; Depression; Economy; Health; Lockdown; and Islamic Countries;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing
    • G2 - Financial Economics - - Financial Institutions and Services
    • G4 - Financial Economics - - Behavioral Finance
    • I1 - Health, Education, and Welfare - - Health
    • M2 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics

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