When should retailers increase prices during a crisis? A longitudinal inquiry during the COVID ‐19 pandemic

Haeyoung Jeong · Hongjun Ye · Siddharth Bhatt · Jintao Zhang · Rajneesh Suri

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Consumer Market Behavior and Pricing Customer Service Quality and Loyalty COVID-19 Pandemic Impacts

Abstract

Abstract The consumer price index in the United States has increased since the COVID‐19 outbreak. Little is known about how consumers perceive price increases during such a crisis. Our research focuses on how consumers' price fairness perceptions change at different time points of the COVID‐19 pandemic. Results from a longitudinal study (April–May, 2020, N = 271) suggest that when the lockdown restrictions were eased, consumers experienced changes in affect and perceived price increases to be less unfair. Our analysis reveals that such an effect was driven by changes in positive affect rather than negative affect. This research advances pricing literature by showing that affect, triggered by external situations such as a crisis, influences price fairness perceptions over and above the negative affect induced by the price increase.

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References

1988Development and validation of brief measures of positive and negative affect: The PANAS scales.1988Development and validation of brief measures of positive and negative affect: The PANAS scales.2005International affective picture system (IAPS) : affective ratings of pictures and instruction manual 1983Mood, misattribution, and judgments of well-being: Informative and directive functions of affective states.2020Mental Health and the Covid-19 Pandemic 2005Positive emotions broaden the scope of attention and thought‐action repertoires 2003What good are positive emotions in crisis? A prospective study of resilience and emotions following the terrorist attacks on the United States on September 11th, 2001.2008The Role of Affect in the Entrepreneurial Process

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