Due to Covid-19 pandemic, many people have changed their purchasing habit. Besides, their conception of saving money has been significantly different from the past, too.
Covid-19 pandemic with its complicated movements really made the personal life of every people turn upside down. Too many consequences have happened but the most obvious thing is that the income of each individual is affected.
Influence of Covid-19 pandemic
Decreasing salary and income, no bonus, no customer, temporary break of work without money or even having been fired. They are something we don’t need to worry much in the past when the life is still normal, but now everything isn’t ensured anymore. And this is also the reason for many other changes, including the change of people about spending habits, financial management as well as the conception of saving money.
More or less, everyone, especially young people, has a different way of spending compared with the period before the outbreak. Let’s hear from them:
Decreasing salary and income due to covid-19
John Whisler – a home designer in London, said his last month’s income was reduced by 60-70% because of the pandemic. The reason is that many projects he received earlier but now they have been canceled or in a “pending” state and cannot be done.
Meanwhile, Mary Natasha – a marketing specialist in Washington, is a bit better cause her main salary is not cut. However, apart from the main job, Mary’s side income – copywriter project, is affected significantly. “I write a lot for foreign guests intending to enter the internal market. However, their plan was pending because of the covid-19 pandemic and my work was also. Domestic customers are too. My last year’s income of this side work was one third of my total, but in this situation, I temporarily anticipate that it’s just one six”
Huu Duong, a freelance photographer in Hanoi, said: “My work is affected a lot because I mainly shoot for advertising, events and fashion shows. It mostly depends on the projects of companies and brands and manufacturers. Specifically, my income has decreased by 70% compared to the same period of last year”
Thai Hoang (24 years old) is working as an accountant for a logistic company in Ho Chi Minh City, does not have a side income and only living on the salary. She is complaining that her last month’s salary was officially reduced by 15% followed the direction of the company executive.
Customer behaviors and habits have changed due to Covid-19
Young people are classified in the lowest rate of infection incidence. However, the COVID-19 outbreak has still set a great burden on them and that forces them to strongly change their spending behavior and habit, according to a retail analysis from First Insight.
Cut down expenses and save money
All consumers are reducing spending due to the fear of economic depression caused by the COVID-19 pandemic, “but the change in spending of young people are stronger than anything. They are tightening their wallets as much as possible,” CNBC quoted Greg Petro, CEO of First Insight.
More than half of young people (54 percent) who entered the survey said that Covid-19 has impacted their purchasing decisions. 40 percent are saving money to stay alive during the pandemic. The rate is higher than that of any generation, according to First Insight.
Their priority is urgent saving accounts that can help them sustain life for 3-6 months in case they become unemployed after the pandemic or even when it hasn’t end yet!
Take advantage of delivery services
According to Reuters, COVID-19 has promoted food delivery services by accident. 30 percent of people performing the survey have turned to online delivery services. Postmade and DoorDash – the two of the biggest delivery applications in the US – are carrying out “no-contact” delivery. Instead of handing the items to the customer in person, shippers now just leave them at the door. Many cash-on-delivery payments are also replaced by cashless payments.
Hunt low-cost flight tickets
Unfortunately, COVID-19 has been putting major airline corporations on the verge of bankruptcy. That has brought about a string of discounts and promotions to boost demand during and after the pandemic. While many people cancel their flights, a part of young people have taken advantage of this to look for tickets at reasonable prices, according to CNBC.
Rise online shopping
Due to the Coronavirus pandemic, the Governments have forced their residents stay at home, limit going outside. And as a result, young people have limited shopping at physical stores, causing a sudden rise in online shopping. About 30 percent of them regularly make online transactions and 39 percent are cutting expenses at physical outlets.
Besides, to encourage the customer stay safe at home and buying online, many companies, stores and brand also have launched plenty of special discounts and promotions. With the customer of APOHAIR, we also have had a hot offer: 7% discounts for all our products, regardless of the quantity you buy. To see clearly about the promotion, visit our website for more >> SEE MORE promotion!!!
If we follow the right way to reduce the spread of coronavirus, the pandemic will end and we can back to the normal life soon. Hope all of you will be safe and healthy!!!