Covid-19 Pandemic: Empirical Study of Determinants of
Purchase Decision
ANDIKA BASKARA, SUKAMTO
Management Study Program of The Faculty of Economics
Muhammadiyah University Semarang
Kedungmundu Street No.18, Semarang City, Centered of Java 50273
INDONESIA
Abstract: The purpose of this study was to determine the impact of lifestyle and price on purchasing decisions.
Individual variables include lifestyle and price. The regulatory variable is the Covid-19 plague, and the dependent
variable is the purchase decision. The survey data were obtained from a food factory (coffee shop) in Semarang.
Population sampling is used. Data are collected through research methods such as direct surveys. Structural
Equation Modeling (SEM) testing is used for data analysis. The model of the mathematical equation is used in a
statistical test to show the effects of the independent variables on the dependent and controlled variables. The
results of the study suggest that: 1) Purchasing decisions do not directly affect lifestyle. 2) The decision to buy has a
negative effect on the price. 3) During the COVID-19 epidemic, lifestyle had a positive effect on purchasing
decisions. 4) Transmission variable COVID-19 had a positive effect on purchasing decisions during the epidemic.
Before the plague, prices were lower than usual, but coffee experts kept their distance, avoided crowds, and cared
about their health.
Key-Words: Lifestyle, price, purchasing decision and Covid-19 Pandemic
Received: June 12, 2021. Revised: December 10, 2021. Accepted: January 7, 2022. Published: January 10, 2022.
1. Introduction
At present, Indonesia's trade is developing very fast,
especially in the food sector. According to
Andanawar, many factors influence the
development of food production, such as
demographics, economic status, and lifestyle [1].
This can be seen in many food companies with
different concepts, such as family restaurants, street
stalls, taverns, and cafes. Food production is
considered to be promising, so food is a basic
human need. The growing demand and passion of
consumers in the food industry is intensifying the
level of competition in the business world [2]. This
fact requires entrepreneurs to come up with new
ideas to win the competition. Commercial
competition between similar companies has
intensified, with traders actively involved in
attracting customers. This is in line with the
company's marketing philosophy that it must create,
deliver, and deliver customer value more effectively
than its competitors in its chosen target market [3].
Customers' purchasing decisions are influenced by
the company's ability to attract customers.
The purchasing decision is a complex process that
aims to evaluate two or more different behaviors
and choose one [4]. Even if consumers value the
brand, there are two general factors that influence
buyers' desires and purchasing decisions. The first is
the attitude of others. How much one person's
attitude reduces our other choices depends on two
things: 1) the strength of the other person's negative
attitude toward our choices, and 2) our motivation to
follow the desires of others. The stronger the negative
attitude of another person, the closer we are to that
person, the more likely we are to change the purpose of
our purchase. The second factor is a situational factor
that can change the purpose of the purchase [5].
Consumers' purchasing decisions are a psychological
trend of choice. In other words, you have to be able to
make other choices when making decisions.
A lifestyle is a person's way of life on this earth and is
expressed in his actions, interests and views. Lifestyle
describes the person as a whole interacting with the
environment [5]. Lifestyle can greatly influence a
person's decision about where to spend their time and
money (for example, choosing a cafe or shop). Lifestyle
is closely related to current lifestyle. A well-managed
lifestyle allows you to identify and monitor changes in
customers' lives during the marketing process so that
marketing can achieve the right goals. Studies by Rizki
Arianto (2018), Agung Sapta Vijaya (2017), Brian
Givani, and Slamet Harry Vinarno (2019) have found
that lifestyle influences purchasing decisions [2], [7], [8].
However, a study by Mohammad Arif( 2018) showed
that lifestyle did not affect purchasing decisions [9].
Another aspect that influences purchase decision is
price. It is very common when customers are looking for
an economical and high quality product, and this fact
increases the price significantly. Price is mainly related
to product costs, but in fact the industry must estimate
the cost, ability, quality and price of a product that
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competes in the market. Cheap dedication that is
tried by the client to get a price, product or service
[10]. In addition, price is a significant factor for
customers to decide whether to do business or not
[11].
The low price of the product usually increases
marketing. At the same time, increasing the price of
a prestigious product will increase marketing,
because high-priced products reflect people's
income. Research by Widha Emil Luthfia (2012),
Dhien Alfath Aulya (2013) and Rafika Saski Fitriani
(2013) prove that price has an important influence
on purchasing decisions [12]–[14]. But research by
Rahisto Awan Saputro(2015) proves that price does
not affect to purchase decisions [15].
To improve the description of the impact of the
Covid-19 epidemic on industrial purchasing
decisions, the results of this research are expected to
provide a balanced elastic participation that
influences the results of price bond research.
Logistics provisions. Considering the lifestyle of
customers and product price markers, the available
research is expected to urge entrepreneurs to find
more customers. This research intends to strengthen
the research conducted by Chaterina, I (2019)
entitled “Effect of Lifestyle and Prices on Purchase
Decision of E'Chick Consumers”. There is a
comparison of the results in terms of prices, as a
result, researchers think that the Covid-19 endemic
is an elastic moderation [16].
1.1
Problem Formulation
Based on the background of problems that have
existed since the beginning, this research appears to
find out small buying decisions. This research also
aims to identify the factors that influence purchasing
decisions that are less than optimal, such as lifestyle
and prices moderated by the COVID-19 epidemic.
2
Literature Review
Based on the background that has been described
above, to the conclusion that this research problem
is a purchase decision that is less than optimal.
Factors that influence purchasing decisions that are
less than optimal include lifestyle and prices, which
are moderated by the Covid-19 endemic
atmosphere.
2.1
Purchasing Decision
For Peter and Olson (2009) purchase decision is a
structured method that intends to assess 2 or more
attitude substitutes and choose one of them,
meaning that there must be alternative options when
making a purchase decision [4].
The decision-making perspective emphasizes
more on a rational information processing approach to
consumer buying behavior [17]. Decision-making by
consumers to buy a product begins with an awareness of
the needs and desires called need arousal [18]. If they are
aware of their wants and needs, consumers will seek
more information about products and make purchasing
decisions. Marketers must understand the behavior of
buyers to make purchases that are influenced by certain
buyer characteristics and personal decision-making
processes.
The way intellectual bottom-up plays a significant role
in controlling how customers actually make their buying
decisions. For Kotler (2007), the purchase decision
process includes 5 steps [5]:
1. Problem recognition
When the consumer masters the problem or
request caused by internal or external stimuli,
the buying process begins. If the demand is
recognized and recognized, the customer will
choose some requests that need to be addressed
immediately or some problems that can be
postponed, and of course there are requests that
need to be addressed immediately. Therefore,
the logistics method begins at this step.
2. Information Search
A customer who has identified his needs will
seek the most data to fulfill them.
3. Evaluation of Alternatives
After searching for the most data, the customer
will use that data to evaluate several brand
substitutes in one option.
4. Purchase Decision
In making a purchase intention, customers can
make 5 sub-decisions: brand, dealer, quantity,
duration, and payment procedures.
5. Post Purchase Behavior
After a purchase, customers may face
disharmony discrepancies for noticing special
features that are annoying or following exciting
situations about other brands, and will always be
wary of data to support their decisions. Sales
communications must share beliefs and
judgments that confirm the customer's choice
and help him feel secure with the brand. The
marketer profession does not end just when the
product is purchased. Marketers must monitor
post-purchase happiness, post-purchase action,
and post-purchase product usage.
The perspective of collecting determinations
emphasizes a logical data processing approach to
customer buying attitudes [17]. The collection of
decisions to make purchases made by customers because
there is an understanding of wants and desires is called
need arousal [18]. If they are aware of their wants and
needs, customers will seek more information about the
desired product. The data search method will focus
customers to create various data about the desired
product. After the availability of some data, the customer
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will evaluate the data by making a replacement
purchase. The next day, customers will choose the
option to buy using various criteria.
2.2
Lifestyle
Lifestyle is referred to as a person's way of life,
including how a person uses his money, how he
spends his time and the like. Hawkins and Coney
(2005) reported that a person's lifestyle will affect
desires, life attitudes, and buying attitudes. [19].
This will ultimately determine the purchase decision
of customers who will return to a lifestyle that will
affect their consumption patterns.
According to Kotler in Susanto (2013: 1), people's
lifestyles in the world are expressed in certain
activities, interests, and opinions, in the sense that in
general a person's lifestyle can be seen from the
routine activities he does, what he thinks. about
everything around him and how much he cares
about it and also what he thinks about himself and
the outside world [20].
Student lifestyles can change, but this change is
usually due to changing needs. During puberty
period, parents are no longer become the models,
otherwise, the people in the same age will become
the main models [21]. This subject focuses students
to imitate the attitudes of many people around them.
This imitation pattern is especially felt by young
people. Young people often make friends with their
peers. In special gatherings, young people take turns
giving about many things, including lifestyle.
Students in the late youth era are generally tempted
to use what the majority of their peers use.
Contemporary groups are recognized to influence
young people's evaluations and decisions regarding
their behavior [22]. Conger (1991) and Papalia and
Olds(2001) suggest that peer groups are an
important reference point for young people in terms
of lifestyle-related thoughts and actions [23], [24].
Client psychographics is often called lifestyle
analysis because it is seen from two forms, namely
self-design and lifestyle. Psychographic research is
always based on AIO (Activity, Interest and
Opinion) [25]. The market share of young children
is a prime target for producers. Students are late
youths with a great propensity to consume. Often,
students consume an object or service not just
because they need it. However, the level of
consumption perception that often occurs in students
when consuming is a symptom of consumptive
behavior.
Arnold Mitchell of SRI International (Kotler,
2005) adds 9 lifestyles based on the idea that people
have several steps of progress. [5]. The nine
lifestyles are:
1. Survivors, are people who are less Asian
and tend to face hopelessness, deprivation,
alienation such as elderly people, people whose
health levels are small and their educational
levels are small.
2. Sustainers, are underprivileged residents who are
still struggling to get away from poverty.
3. Belongers, namely conventional and
conservative are a lot of conventional and
conventional people who miss the past, do not
dare to try new things and prefer to get used to it
than emerge.
4. Emulators (People who Like to Exceed), are
people who like to dream, try to leave their
status and want to be popular.
5. Achievers, are the nation's superiors who create,
practice the system and enjoy a good life.
6. “I am Me” (People Who Like to Focus on
Himself), is a young child who only considers
himself and likes to ponder.
7. Experientialists (People who Like to Try
Something New), are people who like to pursue
the riches of the heart and want to experience
firsthand what life has to offer.
8. Societally Conscious (People who have a high
awareness of social problems), are people who
have a great sense of responsibility and want to
correct the situation in society.
9. Integrateds (Established Personality), is a person
who has fully reached intellectual maturity and
can mix the factors of the heart and the factors of
the environment.
2.3
Price
Price is the amount of money (plus some products if
possible) required to compile a mix of products and
services [26]. Meanwhile, Kotler and Armstrong
(2008) describe the price in a small way as the
amount of money that is weighted for a product or
service [27]. It is broadly defined as the amount of
money weighted for a product or service, or the
amount of money a customer exchanges for the
benefit of having or using a product or service. From
the meaning above, it can be concluded that to have
or use a product or service, the customer must use
some money as a change tool.
According to Tjiptono (2002) It is broadly
defined as the amount of money that is weighed
against a product or service, or the amount of money
that a client exchanges for the benefit of having or
using the product or service [28]. From the
interpretation above, it can be concluded that to
have or use a product or service, the client must use
some money as a change tool.
Next for Dertwinkel pricing can be tried based
on the following objectives [29] :
1. By modifying behavior
People talk based on several alibis, including:
seeking happiness, seeking encouragement,
sharing encouragement or instructions, sharing
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data, expressing inspiration and opinions,
and strengthening attitudes.
2. By telling
Prices can be used to inform the market of
industry deals. Data on prices are usually
more appropriate to be informed at an early
stage of the product life cycle. Price helps
customers in quoting purchase decisions.
3. By persuading
Persuasive prices are less popular with
residents. On the other hand, prices arrive
with the disposition of persuasion. The
price is used to urge purchases. A
persuasive price will reign when the related
product begins to penetrate the
developmental steps in the product life
cycle.
4. By reminding
Setting prices is trying to keep the product
brand in the minds of people, especially at
the maturity stage in the product life cycle.
This means that the industry can at least
take care of the existing consumers.
2.4
Covid-19 Pandemic
COVID-19 is one of the most serious challenges
faced by the authorities and the world in this era[30].
COVID-19 brings a lot of violent intellectual, social
and professional changes, such as running out of
work, small funds, worries and mental stress during
overseas visits, physical and psychological health
problems in an uncertain future [31]. As a result, it
forced some countries to practice lockdown policies
to avoid the spread of the corona virus. In Indonesia,
the Social Segregation of Great Value (PSBB)
policy was applied to suppress the spread of this
virus. The government of West Java Province
measured the level of efficient reproduction (Rt)
using the SimcovID model (Imitation and Modeling
of Covid-19 Indonesia). SimcovID is a combined
team consisting of researchers from various
universities, such as ITB, Padjajaran University,
YGM, UGM, ITS, UB, and Undana, and researchers
from foreign universities, namely Essex&
Khalifa University, University of Southern
Denmark, and Oxford University. Based on the
Kalman Penapis method, which stands for the
Bayesian Sequential method, there are 3 markers in
measuring the Covid-19 breeding indicator (Rt),
namely the number of active positive problems, the
number of recoveries, and the number of deaths.
sourced from the duration of each day.
Due to the Covid-19 endemic, West Java
divides nature or areas into several markers
according to color, as follows: Level 5 (dark
realms) critical (numbers 8-11) - 10% economy,
Level 4 (red realms) very large ( number 12-14)-
30% economy, Level 3(yellow realm)
acute(number 15-17)- 60% economy, Level 2(blue
realm) again(number 21- 24)- 90% economy, Level
1(natural green) small( numbers 21- 24)- 100%
economy. This expansion was followed by many other
regions providing separation to assist regions in
experiencing the Covid-19 endemic. In this way, color
becomes a sign of the significance of the Covid-19
endemic in an area, including the Semarang City area
which is the research position.
The impact of the COVID-19 endemic, the mandate
of social distancing and lockdown has greatly disturbed
the buying and shopping routines of customers with
their consumption patterns [32]. The latest methods of
distributing or experiencing concerns and risks
experienced, demographic changes and technological
developments have also led to the emergence of new
routines among customers. Slickdeals surveyed nearly
2,000 Americans on a popular online shopping program
that is booming and found that customers reported
making more impulse purchases during the COVID-19
pandemic than before the epidemic [33]. For example,
in January 2020, the average American spending on
impulse purchases was about $155.03 per month prior
to the COVID-19 outbreak, while in April 2020 the
average American spending on impulse purchases was
$182.98, with an 18% increase [33]. For example, in
January 2020, the average American spending on
impulse buying was near $155.03 per month prior to
the COVID-19 outbreak, whereas in April 2020 the
average American spending on impulse buying was
$182.98, an 18% increase[33] . Since the early days of
this endemic, it is reported that close to 46% of
customers ordered groceries online for the first time.
Close to 71% of customers (3 out of 4) say they plan to
make and buy online at an increasing rate due to
concerns and uncertainty about the COVID-19 outbreak
[34].
2.5
Research Model
COVID-19 is one of the most difficult challenges faced
by the authorities and the business sector in this era [35].
Fig. 1: Research Model
3
Research Method
This research is a quantitative research whose type of
information is in the form of numbers. For measuring
elastic ratios in this study, researchers used unobserved
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measurements because all the elastics involved in
making free elastics, intermediate elastics and
bound elastics are potential elastics. To examine
unobserved variables, researchers used the
Structural Equation Modeling (SEM) analytic
experimental apparatus. The participating
population is the customer of Kopi 57 Coffee Shop
in Semarang. The method of collecting illustrations
uses a purposive sampling procedure with a
benchmark of customers who have purchased
products at Coffee Shop Kopi 57 Semarang at least
5 times.
The base of information in this research is basic
information and inferior information. The main
information in this case is Coffee Shop Kopi 57
customers in Semarang who meet the requirements
and inferior information is obtained from posts,
daily, and previous research results. The information
collection method used is a questionnaire with a
Likert ratio and library research such as novels,
magazines, newspapers, and posts. The information
analysis procedure in this research is a cause-and-
effect form to try out the assumptions put forward,
using SEM (Structural Equation Models).
4
Result and Discussion
4.1
Evaluation of Residual Value
After analyzing the level of unidimensionality of the
potential elastic maker markers tested with
confirmatory aspect analysis, the next analysis is a
full form Structural Equation Form (SEM) analysis.
Analysis of the results of processing information in
the full form of SEM is tried by carrying out
suitability experiments and statistical experiments.
The results of processing information for a complete
form of SEM analysis are shown in the following:
Fig. 2: The full model SEM analysis
The probability value obtained was is 0.319>0.05
which indicated that the model was fit. The output of
the full Model SEM in this study is presented as
follows:
Table 1. Full Model Output
Goodness of fit
index
< 140.232,
Chi Square
for df was
120; 5% Sig=
140.232
Estimate
Chi-square 2)
< 140.232
134.964
Significance
probability
≥ 0.05
0.319
RMSEA
≤ 0.08
0.021
GFI
≥ 0.90
0.895
AGFI
≥ 0.90
0.860
CMIN/DF
≤ 2.00
1.054
TLI
≥ 0.95
0.966
CFI
≥ 0.95
0.989
It was shown that the existing tes met the specified
requirements or close to the recommended value. In this
case GFI and AGFI values were 0.8<0.90 so that they
were in the marginal category. Thus, it can be stated that
the model was declared fit for analysis [36].
4.2
Hypothesis Test
The full model used after the test was as follows:
Table 2. Regression Weights: (Group number 1 -
Default model)
Estimate
S.E.
C.R.
P
Label
Purchasing_Decisio
n
<--
-
Lifestyl
e
.190
.12
5
1.519
.12
9
par_1
2
Purchasing_Decisio
n
<--
-
Price
.316
.13
1
2.410
.01
6
par_1
5
Purchasing_Decisio
n
<--
-
CV
-
.115
.056
-
2.064
.03
9
par_1
8
Based on the output results above, the results of
hypothesis test were as follows:
H1: Lifestyle had no positive effect on Purchase
Decision at Kopi 57 Coffee Shop in Semarang.
Based on the data from data processing, it can be
seen that the P value (probability) was 0.129 >
0.05. This value indicated a result that did not meet
the requirement for P (0.05), so that H1 in this
study was not accepted.
H2: Price had a positive effect on Purchase Decision at
Kopi 57 Coffee Shop in Semarang. Based on the
data from data processing, it can be seen that the P
value (probability) was 0.016 <0.05. This value
indicated a result that met the requirements for P
(0.05), then H2 in this study was accepted.
H3: The Covid-19 pandemic had a negative effect on
Purchase Decision at Kopi 57 Coffee Shop in
Semarang. Based on the data from data processing,
it can be seen that the P value (probability) was
0.039 <0.05. This value indicated a result that mets
the requirement for P (0.05), then H3 in this study
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was accepted
H4: The Covid 19 pandemic moderates the
relationship between Lifestyle and Purchase
Decisions at the AN Kopi Coffee Shop in
Wonosobo. Based on the processed data, it can
be seen that the parameter coefficient value is
12,142 with a probability of 1,000 or
significant at 0.10. So it can be concluded that
the Covid 19 pandemic variable is a
moderating variable or a variable that
moderates the relationship between Lifestyle
and Purchase Decisions and the hypothesis is
accepted.
H5: The Covid 19 pandemic moderates the
relationship between price and Purchase
Decisions at the AN Kopi Coffee Shop in
Wonosobo. Based on the processed data, it can
be seen that the parameter coefficient value is
12.656 with a probability of 1 or significant at
0.10. So it can be concluded that the Covid 19
pandemic variable is a moderating variable or a
variable that moderates the relationship
between Price and Purchase Decisions and the
hypothesis is accepted.
4.3
Coefficient of Determination Test
The coefficient of determination essentially
measures the model's ability to explain the
independent variation to the dependent variable [37].
Table 3. Squared Multiple Correlations: (Group
number 1 - Default model)
Estimate
Purchasing_Decision
.146
Based on the table above, the effect size of the
coefficient of determination (R2) was 0.146 or
14.6%. Therefore, it can be explained that 14.6% of
Purchase Decision were influenced by Lifestyle and
Price factor while 85.4% are influenced by other
variables.
5
Discussion
5.1
Effect of Lifestyle on Purchase Decision
Based on the results of the analysis above, it was
shown that estimates for lifestyle on Purchase
Decision had a CR value of 1.519 and a probability
of 0.129. The two values obtained did not meet the
requirements for H1 acceptance, namely the CR
value of 1.519<1.96 and the probability of >0.05.
Thus it can be concluded that lifestyle had no
positive effect on purchasing decision among
consumers of Kopi 57 Coffee Shop in Indonesia
Semarang. This meant that coffee connoisseurs did
not highlight their lifestyle in their decision to buy coffee
at Coffeshop Kopi 57 in Semarang.
5.2
Effect of Price on Purchase Decision
Based on the results of the analysis above, it was shown
that the estimates for price on purchase decision had a CR
value of 2.410 and a probability of 0.016. The two values
obtained met the requirements for H2 acceptance, namely
the CR value of 2.410>1.96 and the probability of
0.016<0.05. Thus, it can be concluded that the price had a
positive effect on Purchase Decision among consumers of
Kopi 57 Coffee Shop in Semarang. This meant that the
cheaper the price, the faster the consumer would make a
decision to buy and vice versa.
5.3
Effect of the Covid-19 Pandemic on
Purchase Decision
Based on the results of the analysis above, it was shown
that estimates for the Covid-19 pandemic on Purchase
Decision had a CR value of -2.064 and a probability of
0.039. The two values obtained met the requirements for
H3 acceptance, namely the CR value of -2.064 >1.96 and
a probability of 0.039 <0.05. Thus, it can be concluded
that the Covid-19 pandemic had a negative effect on
purchasing decision among consumers of Kopi 57 Coffee
Shop in Semarang. This meant that if the Covid-19
pandemic spreaded, consumers would delay making
decision to buy and vice versa.
5.4
The Covid-19 Pandemic Moderated the
Effect of Lifestyle on Purchase Decision
Based on results of the analysis above, it was shown the
estimation that the Covid-19 pandemic moderated the
relationship between lifestyle and Purchasing Decision at
Kopi 57 Coffee Shop in Semarang with a parameter
coefficient value of 12.142 and a probability of 1.000 or
significant at 0.10. Thus, it can be concluded that the
COVID-19 pandemic variable was a moderating variable
or a variable that moderated the relationship between
Lifestyle and Purchase Decision.
5.5
The Covid-19 Pandemic Moderated the
Effect of Price on Purchase Decision
Based on results of the analysis above, it was shown the
estimation that the Covid-19 pandemic moderated the
relationship between price and Purchasing Decision at
Kopi 57 Coffee Shop in Semarang with a parameter
coefficient value of 12.656 and a probability of 1.000 or
significant at 0.10. Thus, it can be concluded that the
COVID-19 pandemic variable was a moderating variable
or a variable that moderated the relationship between
Price and Purchase Decision.
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6
Conclusion
Based on the results of the research that has been
done, some conclusions can be drawn as follows:
1. There was no direct effect of Lifestyle on
Purchase Decision. This is not in line with the
studies conducted by D Nata Wijaya, et al in
2018, Bryan Givan and Slamet Heri Winarno in
2019 and Ivana Chaterina in 2016.
2. There was a negative effect of price on Purchase
Decision. This finding is in line with a study
conducted by Nova Dhita Kurniasari in 2013,
Rosvita Dua Lembang in 2010 and Anindya
Rachma Andanawari in 2014.
3. There was a positive effect of Lifestyle on
Purchase Decision with the COVID-19
Pandemic as a moderating variable. It turned out
that the Covid-19 pandemic changed the
lifestyle of consumers of Kopi 57 coffee shop in
Semarang. Coffee connoisseurs were actually
more concerned about their health by keeping
their distance and avoiding crowds rather than
highlighting their lifestyle by enjoying coffee.
4. There was a positive effect of Price on Purchase
Decision with the COVID-19 Pandemic as a
moderating variable. It turned out that the
Covid-19 pandemic changed the lifestyle of
consumers of Kopi 57 coffee shop in Semarang.
Coffee connoisseurs were actually more
concerned about their health by keeping their
distance and avoiding crowds even though
prices were set cheaper than usual before the
pandemic.
Based on this research, it is expected that in the
future:
1. Consumers of Kopi 57 Coffee Shop in
Semarang must further improve their Lifestyle
on Purchase Decision in order to produce
maximum performance by increasing the
Lifestyle they own.
2. Employees of Kopi 57 Coffee Shop in Semarang
must improve Islamic business ethics to support
their performance so that it is in accordance with
sharia guidelines that become the base for their
operations.
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Contribution of individual authors to the
creation of a scientific article
Andika Baskara conceived of the presented idea,
developed the theory and verified the analytical methods.
Andika Baskara encouraged Sukamto to collect the data
and supervised the findings of this work. All authors
discussed the results and contributed to the final
manuscript.
Creative Commons Attribution License 4.0
(Attribution 4.0 International, CC BY 4.0)
This article is published under the terms of the Creative
Commons Attribution License 4.0
https://creativecommons.org/licenses/by/4.0/deed.en_US
WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2022.19.12
Andika Baskara, Sukamto
E-ISSN: 2224-2899
123
Volume 19, 2022