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Changed Buying Behavior in the COVID-19 Pandemic the Influence of Price Sensitivity and Perceived Quality

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Changed Buying Behavior in the COVID-19 Pandemic the Influence of Price Sensitivity and Perceived Quality Kristianstad University SE-291 88 Kristianstad Sweden +46 44 250 30 00 www.hkr.se Master Thesis, 15 credits, for the degree of Master of Science in Business Administration: International Business and Marketing Spring Semester 2020 Faculty of Business Changed Buying Behavior in the COVID-19 pandemic The influence of Price Sensitivity and Perceived Quality Gustav Pärson & Alexandra Vancic Pärson / Vancic Authors Gustav Pärson & Alexandra Vancic Title Changed Buying Behavior in the COVID-19 pandemic -The influence of Price Sensitivity and Perceived Quality Supervisor Nils-Gunnar Rundenstam Examiner Jens Hultman Abstract A global crisis struck the world in the shape of the COVID-19 pandemic at the beginning of 2020. As a result, supermarkets have experienced panic buying behaviors, empty store shelves, out of stocks, and a large increase in online sales. Supermarkets, producers, marketers, and businesses have had to adapt to consumers' changed buying behavior in food consumption. In previous research, it has been found that price and quality are two of the most influential factors in the consumer decision- process, in particular, increased price sensitivity and perceived quality of food products concerns consumers in crisis situations. The aim of this study was to research beyond panic buying behaviors, by investigating if consumer buying behavior has changed during the COVID-19 pandemic regarding price sensitivity and perceived quality within two specific food categories, meat as well as fruits and vegetables. In addition, a moderating effect of residency in either Austria or Sweden was tested. A quantitative method has been used, in which consumers in Austria and Sweden were surveyed in an online questionnaire. 169 responses from consumers were analyzed. The result suggests that the buying behavior in regard to price sensitivity and perceived quality of meat, fruits, and vegetables has changed during the COVID-19 pandemic. No moderating effect of residency was found. The findings in the study create a foundation in a unique crisis situation that has never been studied before and the exploratory nature of the study gives multiple indicators for future research. Keywords Buying Behavior, COVID-19, Pandemic, Price Sensitivity, Perceived Quality, Buying Behavior in Crises, Meat Consumption, Fruits and Vegetables Consumption Pärson / Vancic Acknowledgements There are many individuals to thank and appreciate in their efforts and support to help us complete this thesis. First, we want to give our utmost thank you to our supervisor Nils- Gunnar Rudenstam, his support, experience, patients and foremost dedication, helped us to overcome challenges. Thank you Nils-Gunnar for your guidance and all the efforts you gave to this project and us. We also want to give our thanks to Elin Smith, who always have been available and supportive in our research and giving us clear advice from her expertise in quantitative research. Thank you Elin, for going beyond and above in aiding not only us but all your students, to ensure our development within academic research. We want to thank all of our teachers throughout this Master’s program, who’s exceptional teaching skills have prepared us for writing this thesis. We also want to thank all the respondents in our study, as despite the challenging times of the still ongoing pandemic took time and effort into participating in our survey. Finally, we want to extend our thanks to our families, close ones and classmates for all their support, especially in times of stress, without your unswerving support, none of this would be possible. Kristianstad, 2nd of June 2020 _____________________________ _____________________________ Gustav Pärson Alexandra Vancic Pärson / Vancic Table of Contents 1. Introduction 1 1.1. Problematization 3 1.2. Research Purpose 7 1.3. Structure of the Thesis 9 2. Literature Review 10 2.1. Buying behavior 10 2.1.1. Buying behavior models 11 2.1.2. Factors influencing consumer behavior 14 2.2. The relevance of price and quality 16 2.2.1. The relevance of price 16 2.2.2. The relevance of quality 17 2.3. Buying behavior in crises 18 2.3.1. The influence of price sensitivity in a crisis 19 2.3.2. The influence of perceived quality in a crisis 20 2.4. Hypotheses Development 21 2.5. Research Model 23 3. Theoretical Method 25 3.1. Research paradigm 25 3.2. Research approach 26 3.3. Choice of method 27 3.4. Choice and Critique of Theory 27 3.5. Evaluation of Sources 28 3.6. Time horizon 29 4. Empirical Method 30 4.1. Research strategy 30 4.2. Data Collection 31 4.3. Operationalization 32 4.3.1. Dependent variables 33 4.3.2. Independent variables 34 4.3.3. Moderating variable 35 4.3.4. Control variables 35 4.4. Sample selection 37 4.5. Data analysis 38 4.6. Reliability and Validity 39 4.7. Ethical considerations 40 Pärson / Vancic 5. Results and Analysis 5.1. Descriptive Statistics 41 5.2. Spearman Correlation Matrix 44 5.3. Multiple Linear Regression 48 5.3.1. Direct effects 49 5.3.1.1. Changed buying behavior of Meat 49 5.3.1.2. Changed buying behavior of Fruit and Vegetables 53 5.3.2. Moderating effect 55 5.5. Summary of the analysis 57 6. Discussion and Conclusion 58 6.1. Discussion 58 6.2. Conclusion 63 6.3. Practical Implications 65 6.4. Theoretical contribution 65 6.5. Limitations 66 7. References 68 Appendix 1: Questionnaire 78 Appendix 2: New Research Model 88 List of Figures Figure 1: The EBM model (Blackwell et al., 2006) ............................................................................... 11 Figure 2: The Theory of Planned Behavior model by Ajzen (1985) ..................................................... 13 Figure 3: Factors influencing Buying Behavior (Kotler & Armstrong, 2018) ..................................... 14 Figure 4: Research Model ..................................................................................................................... 23 List of Tables Table 1: Overview Variables ................................................................................................................. 32 Table 2: Descriptive statistics ............................................................................................................... 42 Table 3: Spearman rank coefficient correlation .................................................................................... 46 Table 4: Multiple Linear Regression on Changed Buying Behavior of Meat ....................................... 52 Table 5: Multiple Linear Regression on Changed Buying Behavior of Fruits and Vegetables ............ 54 Table 6: Multiple Linear Regression on Residence Moderating and Direct Effect .............................. 56 Table 7: Overview of Hypotheses Results ............................................................................................. 57 Pärson / Vancic List of Acronyms MFV … Meat, Fruits and Vegetables WHO World Health Organization BSE … Bovine spongiform encephalopathy SARS-CoV-2 … Severe acute respiratory syndrome coronavirus 2 EBM … Engel, Blackwell, and Miniard model TPB … Theory of Planned Behavior model CBB … Changed Buying Behavior CBB M … Changed Buying Behavior of Meat CBB FV … Changed Buying Behavior of Fruits and Vegetables P … Price Sensitivity P M … Price Sensitivity for Meat P FV … Price Sensitivity for Fruits and Vegetables Q … Perceived Quality Q M … Perceived Quality of Meat Q FV … Perceived Quality of Fruits and Vegetables Pärson / Vancic 1. Introduction It started in late 2019 with reports of a new virus in China. The Chinese authorities informed the World Health Organization (WHO) about several cases of a mysterious lung disease in Wuhan, the capital of central China's Hubei province. Several of the patients worked on a “wet market”. A wet market can be compared to a farmers market, where local farmers sell perishable foods and animals such as rats, crocodiles, snakes, and larval rollers. The term “wet” comes from the fact that vendors wash their fish and vegetables at the market and make the floor wet (Westcott & Wang, 2020). The WHO categorized this new disease as the coronavirus disease (COVID-19), which comes along with a virus, the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) (World Health Organization, 2020a). As the COVID-19 cases increased 13-fold outside China within two weeks, the WHO announced on March 11, 2020, “COVID-19 can be characterized as a pandemic” (World Health Organization, 2020b). The world has overcome similar events, where diseases were jumping from animals to people. Nevertheless, this time the conditions are different, as humans are spreading the disease more easily among themselves, in addition, people are more closely connected with each other than before and thereby the virus is moving way faster around the globe. Diseases accompany people and cause a spread from city to city through flight connections, very quickly, leading to a global pandemic (Garthwaite, 2020). In order to counteract the expansion of the Coronavirus, schools and universities were closed in many countries around the globe, events were cancelled and retailers that did not sell essential products had to close, while supermarkets remained open. Changes were introduced in most countries quite quickly and drastically, however, countries across the globe have taken different measures such as quarantine rules, curfews, and border closures (Graham- Harrison, 2020). The pandemic outbreak and its following consequences have led to changes in consumer behavior, as indicated by a Nielsen investigation (Nielsen, 2020a). The
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