Impact of Covid-19 on Indian economy in terms of consumer buying behavior and sustainability through digitalization

Abstract

Ever since the outbreak of the COVID-19 has occurred, the whole world has witnessed economic and financial crunches. The economy of the whole world has stopped and lockdown are imposed in majority of the countries which has further escalated the problem. As a result, the purpose of this research is to understand the impact that the COVID-19 on the economy of India and to analyze the role of digitalization on the sustainability. The objectives of the research are to determine the impact that COVID-19 pandemic had on the overall economy of India, to determine the role of digitalization on the sustainability, Digitalisation plays an essential part in global growth and has a huge influence on the lives of people. With strong digital collaboration and connexions between researchers and policy makers, it is important to utilise the maximum capacity for digitalization. As our agricultural property, our habitats and urban areas alter, our approaches to solving global problems can continue to grow,to analyze how sustainability can be improved using digitalization in COVID-19 pandemic, and to analyze the impact of the Covid-19 on the consumer behavior towards the luxury products like car. For this, the research methodology that has been used is the Positivism philosophy and deductive approach and the primary data has been collected using the survey strategy so that multi-method of data formation can be put to use. It has been analyzed and found out that managing stress is the most crucial priority of the consumer in the pandemic and the purchasing habits of consumers have slightly changed as consumers are purchasing essential products majorly in the pandemic. It has been analyzed and found out that the effect of pandemic on luxury product has been moderate because of job losses and economic downfall and the rising fuel prices are making people shift towards alternative energy sources such as electricity.