CONSUMER BEHAVIOR 2020-2023: CHALLENGES AND OPPORTUNITIES

Abstract

The article provides a comprehensive literature review on the topic of consumer behavior, covering both the fields of economic theory and marketing. Key concepts that remain relevant currently are characterized by the author. Descriptive analytics are presented in the article to analyze the behavioral features of modern American, European, Russian, and Belarusian consumers. Relevant behavioral reasons and factors are outlined for 2020-2023. The peculiarities of behavior during COVID-19 and in the post-pandemic period are given particular attention. The article is based on research conducted by Adobe, Econsultancy, Gartner, Mckinsey, Data Insight, Better, Business Research Insights, eMarketer, Satio, Tiburon Research. The article presents the results of a survey of specialists from Belarusian companies conducted with the participation of the author based on the results of their work in 2022-2023, who noted the desire of their clients to save money, switch to cheaper analogues of products or services, and refuse to purchase. According to the respondents, customers also begun to place increased demands on products and services, move to online channels, and engage in more active dialogue with companies on social networks. A small portion of clients demonstrated a desire for conscious consumption. The following measures were noted as response by Belarusian companies: strengthening SMM strategies and tactics, using data marketing, increasing the effectiveness of multichannel video and engagement marketing. The article also pays attention to describing key trends in the behavior of Russian consumers - the desire to save money, switching to local brands, going online. The identified changes and patterns have made it possible to establish several promising areas of marketing based on digitalization and customer experience management.

Keywords: Belarusian consumer, consumer behavior, consumer preferences, Russian consumer, collaborative, digital consumption

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About the Author

Svetlana V. Razumova – Cand. Sci. (Economics), Docent; Associate Professor, Institute of Entrepreneurial Activity, Minsk, Republic of Belarus. E-mail: swrasum@yandex.ru. SPIN РИНЦ 1699-3301. ORCID 0000-0002-6918-8510. Scopus Author ID 57205611158

For citation: Razumova S.V. Consumer Behavior 2020-2023: Challenges and Opportunities // Beneficium. 2024. Vol. 1(50). Pp. 63-74. (In Russ.). DOI: 10.34680/BENEFICIUM.2024.1(50).63-74