ABSTRACT: The purpose of this study is to explore the relationship between customer’s perceived situation of the brand loyalty during economic recession due to Covid-19 pandemic and inflation, and use brand trust as a mediating variable and brand association as a moderating variable to understand each other interaction relationship between them. Using hierarchical regression analysis and bootstrap method, the research results show that brand awareness has a significant effect on brand loyalty, brand trust has a mediating effect on brand loyalty, and brand perception has a significant effect on brand loyalty. The results of this study hope to understand the status of brand loyalty during the economic recession, and provide business operators with reference for further business actions.

Keywords: Brand Association, Brand Loyalty, Brand Trust, Brand Perception, Economic recession