Consumer adjustment spending habits due to the COVID-19 pandemic in Nakhon Ratchasima Province, Thailand

Abstract

Consumer spending fell drastically during the crisis of COVID-19 spreading. Fear of social distancing practices and outright closures for many industries led to a reduction of overtime, and unemployment and resulted in less income but higher prices. Consumer spending is the total money spent on foods and services by individuals for personal use and enjoyment. The research objective was to explore the variables of consumer adjustment in spending habits and saving patterns due to the COVID-19 crisis and to find out the associated consumer behavior patterns in the Nakhon Ratchasima Province of Thailand. The research design is quantitative method by using questionnaire as a tool. The four hundred participants provided valuable insights in consumer spending patterns. The research finding are the consumers in our research strongly agreed on the impact of the COVID-19 pandemic on the economy and consumer spending. Consumer goods were still purchased as usual but some time at a lower volume but certainly at lower quality. Hording reminded them of war time situations. The government relief program has positive effect on consumer spending by cost-of-living reduction. The only way out for low-income earners was an adjustment in spending. Due to crisis, consumers managed expenses by spending as needed.