ECONOMIC CRISIS: CONSUMER BEHAVIORS DURING THE PANDEMIC PERIOD

Abstract

The economic crisis is a long-term slowdown in economic activity and a significant decrease in production as a result of the extreme level of economic stagnation and recession. Typically, the consequences of a crisis include unemployment and inflation far above acceptable levels, corporate bankruptcies, bank failures, and poverty. The real sector and consumers are most affected by all these negative conditions caused by the economic crisis. In times of crisis, especially cautious consumption behaviors of consumers lead to a decrease in capacity in the physical sector, leading to an increase in unemployment and a decrease in income. In this context, the crisis affects the consumption level negatively and causes the crisis to deepen. The Covid-19 epidemic is also a crisis that affects the world and triggers the economic crisis. The effect of the pandemic on consumption arises as a result of both the economic crisis it triggers and the restrictions such as social distance and curfews in social life. This study, which aims to reveal the changing consumption habits with the pandemic, deals with the changing compositions of consumption expenditures.