Impact of Saudi Arabia Economic Changes (Oil Shock) 2016 on Consumer Purchasing Habits; With Special Reference to Retail Shopping In KSA (Published)
Consumer behaviour is a complex phenomenon, consisting of a set of decision-making processes, economic determinants and market incentives. The complexity of the buying processes of consumers may be largely linked to a sensation that ‘s hard to predict and control. However, consumers are a primary source of income for business organisations, so knowing their behaviour has a great importance for the survival of business and market prosperity. For this, the researcher focuses primarily on highlighting the effects of the current economic recession (oil shock) of Saudi Arabia among the behaviour of consumers, in particular for household goods. An explorative research followed by descriptive research has been taken. Primary data has been obtained through a close-ended questionnaire, and it was collected using online Google form and the personal basis from the consumer of Saudi Arabia during January 2017 March 2017. Following receiving the data, it was examined with deceptive statistics. Chi2 test at P. Value 0.05, correlation coefficient has been utilised to check the validity and reliability of the hypothesis, and results were interpreted accordingly in the article. It was investigated that the majority of the respondents had a negative impact of the current economic crisis on the household purchase. Besides, it was also found that there was a variation in opinion among the respondents regarding the changes of their household consumption and expenses before and after the economic crisis (Oil shock).
Keywords: Consumer Behavior, Consumer Perception, Economic Crisis, Household, Oil Shock, Retailing, Saudi Arabia