The impact of the COVID-2019 pandemic on social consumption in China

Abstract

The new coronavirus infection COVID-2019 has become one of the main social upheavals of our time, having a multifaceted impact on society. This article focuses on studying the impact of the pandemic on the transformation of consumption in Chinese society. Based on the analysis of scientific works and the results of empirical studies among students, rural and urban population, it is concluded that in each social group there have been changes in consumption caused by both a reduction in income and a transformation of social values. Changes in consumption have resulted in increased spending on food, health care, while spending on services, including accommodation, transport and communications, has declined significantly. In the context of the pandemic, there has been a change in the perception of the importance of health in the creation of people, which has led to an increase in the consumption of health services and health products. In the process of consumption, the Chinese sought first of all to satisfy the physiological needs and the needs for safety. In the context of the pandemic, there was an uncertainty in the income of the population, for some social groups, among which the rural population should be singled out, a new infection and the corresponding restrictive measures completely led to a significant decrease in income. This led to the development of the preventive savings motive. This was most pronounced in rural areas than in urban areas. While among the residents of Chinese cities, there was a more pronounced increase in the trend of rationalization of consumption. According to the results of the study, it was noted that the impact of the pandemic on social consumption in China is expressed in a decrease in the willingness of Chinese people to consume, the development of a precautionary savings motive, the formation of a trend towards rational consumption, a change in consumer habits, and an increase in online food purchases.