How has the pandemic reshaped buying habits

Reference no: EM133538169

Questions:

1. How has the pandemic reshaped buying habits? What does your response tell you about discretionary spending and the economy in general?

2. The lipstick index refers to the idea that even when times are tough, buying a small luxury item like lipstick can generate happiness and optimism. Discuss the economics of affordable luxury. Has the definition moved from relatively low priced items like lipstick to much higher priced experiences like going to a Taylor Swift concert?

3. Taylor Swift is just one option in what promises to be a busy summer for music lovers. Consider consumer psychology as it relates to substitute products and music. Why are fans willing to travel to see their favorite performers? Can you think of another product for which consumers display similar behavior?

Reference no: EM133538169

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