In the midst of the COVID-19 pandemic, many businesses have had to adapt to survive. However, the online product market has seen the opposite trend, with a surge in orders. Many online sellers on social media have reported that during this pandemic, their sales have increased by as much as 200% compared to normal times. Why is this happening?

 

Retail Therapy When Shopping Becomes a Form of Emotional Healing

Recently, there has been talk about Retail Therapy, or shopping as a form of therapy, which is the psychology of spending to create a positive mental state. Research from the United States indicates that over 1 in 3 people use shopping therapy to cope with stress and anxiety. Shopping directly influences feelings of empowerment and control, often reflecting the experiences of those facing situations beyond their control. When shopping, the power to choose lies in our hands, creating a sense of fulfillment.

Especially during a pandemic, which is a new and uncontrollable situation, shopping therapy has increased as many people yearn for a sense of control and fulfillment.

 

 

Online Shopping A Business Thriving Amidst the Pandemic

A report from the Electronic Transactions Development Agency (ETDA) of the Ministry of Digital Economy and Society indicates that the e-commerce business in Thailand has been continuously growing at a rate of 8-10% per year. In 2018, the value of e-commerce soared to 3.2 trillion baht. In addition to purchasing through specific application platforms, online shopping via chat has also become a consumer behavior that is increasingly on the rise.

According to a survey conducted by Facebook and Boston Consulting Group Thailand (BCG), which involved 8,864 people across 9 countries through interviews with buyers, sellers, and experts, it was found that Thai people have a high level of familiarity and knowledge about online shopping at 86%, with 61% learning to shop via chat. BCG predicts that within 3-5 years, the value of online shopping through chat will increase by 20-35%.

A report from JD.com indicated that online orders for rice and dairy products increased by over 154%, along with other consumer goods such as seafood and beef. Additionally, statistics from Priceza show that during the COVID-19 pandemic, online shopping trends increased by 100%. For JD Central, online shopping in January-February increased by 200% compared to the same month last year. Similarly, a survey by the National Broadcasting and Telecommunications Commission (NBTC) found that in February, online orders increased significantly by more than 80% compared to January.

 

 

Shopping Therapy May Only Provide Short-Term Relief

In situations beyond control, where people cannot live normally outside their homes, the gap in decision-making for purchases decreases, allowing consumers to simplify their choices. This has led to the growth of online shopping despite the current circumstances. However, while shopping therapy may provide temporary satisfaction, once that feeling of fulfillment fades after the wave of happiness passes, what follows can be feelings of guilt and regret, leading to the realization that one shouldn't have made those purchases. This can create additional stress and anxiety, potentially leading to financial problems.