Abstract

Purpose: The COVID-19 pandemic has raised concerns of an imminent economic crisis, feared to be much worse than the Great Depression. Although the pandemic is global, its impact is deeply local. This paper aims to determine the socio-economic implications of the COVID-19 pandemic, particularly on the various organisations and on the consumption patterns of individuals. On the social front, there will be a look into how social distancing, panic buying and other preventive measures necessitated by this pandemic have altered the behavioural pattern of individuals in their interactions with other economic agents.

Design/Methodology/Approach: The methodology adopted is a qualitative one, where in-depth interviews were conducted across various sectors. Our focus is primarily on changes in consumption and occupational patterns. Accordingly, interviews of household members, labourers and employers have been conducted. Such a study will have practical implications in terms of helping to build theory and policy.

Findings: This study has analysed how global pandemics alter individual behaviour, from a socio-economic standpoint.

Practical/Theoretical Implications: This research will prove useful in predicting human behaviour during any ‘flu-like’ epidemic in the future.

Keywords: COVID-19, pandemic, behavioural, consumption, socio-economic

How to Cite:

Lahiri, S. & Sinha, M., (2021) “A Study of the Socio-Economic Implications of the COVID-19 Pandemic”, Australasian Accounting, Business and Finance Journal 15(1), 51-69. doi: https://doi.org/10.14453/aabfj.v15i1.5