THE ECONOMIC INFLUENCE ON CONSUMERS BUYING BEHAVIOR IN ISLAMIC COUNTRIES: EVIDENCE FROM THE COVID-19 ECONOMIC CRISIS

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 posttraumatic
stress. These studies concluded with a policy recommendation providing the results.