Impact of COVID-19 on UW-Madison's Community Members’ Consumer Behavior and Economic Security, and what this Means for Local Businesses

Abstract

Since the beginning of COVID-19 the UW-Madison community as well as communities around the world have been affected in numerous ways, particularly in ways pertaining to their local economy. Both students and businesses in the UW-Madison area have been greatly affected and this research article documents some of the economic effects. This is in an effort to better understand changes in spending habits of UW-Madison students as well as the businesses that will fare the best throughout COVID-19. Using an eleven-question survey, data was gathered from students, faculty and staff of the University of Wisconsin Madison about their background and consumption/spending habits during COVID-19. Through this data It was found that demand for certain goods have increased and some have decreased. Many times, the mode at which people chose to purchase goods has also changed depending on the good and circumstances. Through analyzing this data, it was also found which businesses are likely to fair best through the remainder of the pandemic.