The psychological factors affecting the consumption behavior of millennials in Vietnam during the COVID-19 pademic

Abstract

The COVID-19 pandemic has changed the entire world economy and society. Similar to the studies on consumer behavior (Arndt, 1976) and borrowed the time when the epidemic was happening in Vietnam. The study wants to test the epidemic's impact on the consumption behavior of young consumers in the four most severely affected provinces and cities; through stress, depression, and fear for COVID-19. The study used the analysis method of linear structural model PLS-SEM to test the model's fit and the proposed hypotheses. Quantitative analysis results based on 433 survey samples show that changes in shopping behavior of young consumers during the COVID-19 emergency are related to predicted factors. Besides, different psychological premises will create changes and different influences on consumers' necessary and unnecessary needs. The results predict that there will be much thinking about new strategies on the potential and limitations of the COVID-19 pandemic.