UNAIR NEWS – Covid-19 Pandemic in Indonesia not only affected health sector, but also the economy. One of them is on economic activities related to the buying and selling process. In a bad economic situation, the consumptive behavior of people is increasing.
The increasing consumption, on one hand can drive economic and business activities, especially for those sectors directly affected by the pandemic. Because consumption has a significant role both in GDP and economic growth. But on the other hand, consumptive behavior can pose a threat to the community itself.
Lecturer of the Faculty of Economics and Business, Universitas Airlangga (FEB UNAIR), Dr. Wisnu Wibowo said that the threat was more to financial stability than the consumers themselves.
“If the pattern of spending or consumption is not based on needs, it could be disruptive to financial balance of each individual or family,” he said on Monday, July 6, 2020.
According to him in an uncertain situation like now, every family or individual community needs to prepare an emergency fund while saving to maintain family financial stability.
“If we are trapped in a pattern of life that tends to be consumptive, where we buy goods that tend to be excessive both in terms of quantity and types of items, then this can threaten the balance and stability of family finances. Moreover, we do not yet know exactly when Covid-19 will certainly end,” explained the lecturer who has a concentration in the macroeconomic field.
To minimize this threat, he continued, the community must be able to restore the pattern of behavior as needed, not based on mere desire. In addition, people must become accustomed to making financial planning in a more disciplined manner.
“So, even though consumption during this pandemic may tend to increase, don’t forget the importance of emergency fund allocation,” he said.
Thus, the economic sustainability of the family can be safer. Therefore, the community is expected to become smart and rational consumers. (*)