Is the Oil Price Hike a New Threat to Consumers' Buying Patterns?

Abstract

The purpose of this study is to examine whether oil price hikes are leading consumers to switch to alternative forms of cooking oil. This study presents the viewpoints of subject-matter specialists, as well as consumer choices. This study applied a qualitative research approach with literature review and person administered survey. The authors found that the rise of the price of soybean oil positively influences consumers to switch to alternative oils. Moreover, the authors also discovered that consumers are more conscious about health benefits while oil prices are hiked. Additionally, the availability of various kinds of oils in the market influences consumers to switch as per the study. Theoretically, the study contributes to the extant literature (buyer decision theory) by discovering the oil price hike, brand switching, and sustainable oil consumption through variety seeking tendency.