The Effect of Reduced Perceived Financial Well-Being on Domestic Product Purchasing Behavior: The Case of Turkey During COVID-19
DOI:
https://doi.org/10.31436/ijema.v29i2.864Keywords:
Perceived financial well-being, Prosocial consumer ethnocentrism, Frugality injunctive norm, Frugality descriptive norm, Domestic product purchaseAbstract
This paper aims at determining whether reduced perceived consumer financial well-being level impacts on the domestic product purchasing behavior mediated by frugality descriptive norms, frugality injunctive norms and ethnocentric tendencies during the economic recession (especially during the COVID-19 period). Accordingly, the data were collected from 513 respondents and structural equation modeling was used to analyze the data. The results revealed that reduced perceived financial well-being has a direct effect on domestic product purchasing. Also, prosocial consumer ethnocentrism, frugality injunctive and frugality descriptive norms have a significant mediating effect between these two variables. This paper is the first study conducted during a pandemic period of COVID-19 that caused broader economic recession in Turkey. Testing of a structural model regarding the mediation of the consumer brand loyalty or the local or international identity definition is recommended to future researchers.
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