New Trends in Consumer Behaviour in 2020-2021: A Comparative Analysis of Marketing Strategies During the COVID-19 Pandemic in Poland and South Korea
Purpose: South Korea came to be widely praised for its handling of the COVID-19 pandemic. Numerous Korean solutions for counteracting the adverse effects of the disease were considered in Poland. The purpose of this paper is to compare Poland and South Korea in terms of new trends in consumer behavior in these countries and to verify research hypotheses regarding various factors and conditions affecting consumer decisions. Research on market demand is an integral part of sales and marketing at the strategic, tactical, and operational levels. Design/Methodology/Approach: The methodology used was based on secondary research and analysis of the available literature on the subject and the results obtained by McKinsey and Company. The first stage was the formulation of research hypotheses, followed by interpreting theoretical issues and the summary of empirical results. The presented data compares the opinions of Polish and South Korean respondents. The theoretical context of the article concerns the multivariate analysis of consumer behavior. Findings: The statistical data analysis indicated that in a situation of economic uncertainty, both Polish and South Korean consumers limit their purchases of luxury goods and services in favor of necessities. Korean respondents expected a further reduction of their spending and planned to shop more via e-commerce platforms. Spending more time at home encouraged them to cook more often for themselves and their families. Practical Implications: Data on consumer behavior is essential for companies, which want to achieve competitive advantage through the implementation of e-business solutions. The results presented in this paper identify the goods and services preferred by consumers of different nationalities, diverse in terms of tradition and culture. Originality/Value: The article verifies the assumptions of classical economic and psychological theories regarding consumer behavior. It presents an in-depth analysis of empirical data published by McKinsey and Company.