Changing consumer habits due to the ongoing coronavirus COVID-19 global pandemic have seen consumer habits around the world altered. Not only causing tragic social consequences, where reports have been of people dying en masse and being separated from loved ones, but terrible economic ones also.
Nation’s economies around the globe have taken a stunning hit this past year, as governments have had to introduce bailouts and increase public spending to combat the rapidly spreading and mutating coronavirus. People with businesses have also been hit hard with debt as an effect of the crises as business has yet to return back to usual.
People’s spending habits have equally undergone drastic alterations. Lockdown and social distancing restrictions around the world have meant more people working from home, and therefore travelling less with less places open also to spend their money. While some people may have saved, others have taken their commerce online and are seeing a rise in household goods and electronic sales.
An unintended consequence of the pandemic has, as a result, seen consumers faced with delays in their product arrival, and increased waiting times for delivery as warehouses are forced to operate with fewer workers present. Price rises have also been seen for products such as TVs and mobile phones as well as games consoles and other home entertainment items.
One reason for this looks to the global shortage of electronic semiconductor chips used in computer engineering. The chip is integral to the operation of any electronic device, and the shortage has meant megacompanies such as Apple and Samsung announcing delays in product launches.
Samsung is one of the world’s largest producers of electronic semiconductors, so to be facing a shortage of its own product has exposed the true extent of the problem at hand. How to tackle the problem next however, is something no one seems quite sure about.