Before we are drifted away in personal
impressions and subjective evaluations, we have to establish that we do need
solid scientific studies into consumer behaviors and the impact of
COVID-19 on
the way we take personal and household decisions of what to buy, how much, and
when.
اضافة اعلان
In Jordan, we might all agree that optimism
is not the word to describe our sentiments as the coronavirus hit hard a
country that was already in a quagmire of a severe economic crisis. We might
also agree on a few more observations: Firstly, the government did what it
could to spare the working class and per diem laborers and their families the
sting of the pandemic's repercussions and succeeded in that to a satisfactory
degree. Secondly, regardless of what action is expected from authorities to
curb the price hikes, citizens need to revisit their consumption habits to
adapt to such a difficult situation.
That is why we need credible research into
consumer behavior, followed by a policy on how to encourage people to better
manage their finances for their own good.
We need, as part of the process, a national
campaign led by a multilateral taskforce, where rational voices are heard by
the public loud and clear. It should encourage, among other healthy behaviors,
collective reactions to unreasonably hiked prices of certain commodities to
force a drop.
In a study carried out by McKinsey & Company
late last year, involving 45 countries, it was found that in most countries,
consumers continued "shifting their spending to essentials, while cutting
back on most discretionary categories." Jordan was not included in the
survey, but we can safely assume that this has been the case, and we need to
make sure that this trend will continue as the country is walking the path of
recovery from the ruthless pandemic.
From a psychological perspective, people
breaking free from the chains of a pandemic tend to embrace life afresh. It is
natural that for those who can afford it; they are inclined to travel and see
the world again. They will resume plans to build or expand houses, repaint
walls, buy new cars, hold money-draining wedding parties, and so on. If this is
coupled with weakening purchasing power, we may have to deal with the serious problem
of reckless borrowing, which is the last thing we need under the circumstances.
Maybe in its only upside, COVID has imposed
on us certain consumption behaviors, such as skeleton wedding parties, no or
limited funeral receptions, the need to focus on what is essential, and forcing
us to shed the so-called "culture of shame". We need to keep that forever
as part of our lifestyle, because it does not make sense that the family of a
dead person has to spend thousands on mansaf and rented tents. We need to
accept the post-COVID reality and readjust our lives to it, while keeping the
pressure on the government to do whatever it takes to alleviate the burden on
us.
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