Effects of Covid-19 Pandemic on Global Market
Covid-19 pandemic which has been affected humanity globally was announced on 30 January 2020, by World Health Organization. According to World Health Organization’s definition, it is a kind of newly discovered virus that can because many serious illnesses. In total, there are 113,467,303 cases and 2.520.550 death data reported. Covid-19 spreads via an infected person’s cough or sneeze. Since that virus has appeared, people have been wearing masks and keeping their social distance which is important protection way to stay healthy. People’s social lives, habits, and requirements have changed because of Coronavirus. Although, measures were taken by the governments had positive effects on public health, it had negative consequences for businesses. The covid-19 pandemic has affected many sectors from the health sector to the tourism sector. In my opinion, the pandemic has a big impact especially on the global market, and direct companies to innovations suddenly.
International marketing has become a less challenging activity when we compare the last 50 years. The evolution of technology provides big opportunities for entrepreneurs to take a place in the global market. The international market is affected by global factors and crisis. Some factors have a remarkable influence on consumer behavior which has changed currently because of the Coronavirus. Global crisis, consumer features, marketing, social, cultural, psychological, situational, and economic factors play important role in the consumer behaviors. People’s concerns about the future and health have changed consumer behaviors. Consumers have tended to make savings. Furthermore, while demand for necessity goods increased, consumers have focused on their abilities and hobbies.
To sum up, the pandemic has brought about many changes to society. Concerns about the future, lockdowns, and other factors have affected many sectors negatively. The international market has dealt with global crisis and got harm. I think recovery of that period will take more time and society will accord to the new changes.