Document Type
Article
Abstract
This study joins a rapidly growing body of research that investigates the multi-faceted impacts of the Covid-19 pandemic on consumers' behavior. Specifically, we examine how the pandemic-induced state of vulnerability impacts consumers' saving, investing, and spending decisions. Using survey data from four different countries (i.e., USA, UK, South Africa, and Mexico), we examine the role of personality on consumer vulnerability, create an index of consumer vulnerability, and establish the role of vulnerability in impacting important financial decisions. We report evidence that perceptions of vulnerability and the pandemic-induced changes in financial and consumption behaviors vary across residents of developed and developing countries. The results indicate that vulnerability is experienced and reflected through a multitude of fears and concerns and is influenced by personality traits (agreeableness, neuroticism, conscientiousness, need for material resources, and need for body resources) and can result in increased spending on products/services that are not normally perceived as necessities. Our findings carry important theoretical and managerial implications.
The available download on this page is the author manuscript accepted for publication. This version has undergone full peer review but has not been through the copyediting, typesetting, pagination and proofreading process.
Publication Title
Journal of Consumer Behaviour
Publication Date
2022
Volume
21
Issue
4
First Page
806
Last Page
827
ISSN
1472-0817
DOI
10.1002/cb.2038
Keywords
COVID-19, family finance, vulnerability
Repository Citation
Yazdanparast, Atefeh and Alhenawi, Yasser, "Impact of COVID-19 pandemic on household financial decisions: A consumer vulnerability perspective" (2022). School of Management. 63.
https://commons.clarku.edu/faculty_school_of_management/63
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Copyright
"This is the peer reviewed version of the following article: Yazdanparast, A., & Alhenawi, Y. (2022). Impact of COVID‐19 pandemic on household financial decisions: A consumer vulnerability perspective. Journal of Consumer Behaviour, 21(4), 806-827., which has been published in final form at https://doi.org/10.1002/cb.2257. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions. This article may not be enhanced, enriched or otherwise transformed into a derivative work, without express permission from Wiley or by statutory rights under applicable legislation. Copyright notices must not be removed, obscured or modified. The article must be linked to Wiley’s version of record on Wiley Online Library and any embedding, framing or otherwise making available the article or pages thereof by third parties from platforms, services and websites other than Wiley Online Library must be prohibited."