Antecedents of panic buying behavior during the COVID-19 pandemic

Abstract

The new Coronavirus disease (COVID-19) pandemic triggers panic buying behavior among consumers in several countries. Previous research on panic buying behavior is less likely to look at the phenomenon from the perspective of consumers (demand-side). Therefore, this study aims to examine the influence of media credibility and social contagion on panic buying behavior and the mediating effect of consumer anxiety in the relationship between media credibility, social contagion and panic buying behavior. Data was collected from young and adult consumers in Greater Jakarta, Indonesia using convenience sampling techniques. Three hundred and fifty responses were collected through an online survey. The hypotheses were tested using structural equation models that could simultaneously analyze the effects of variables in the complex model. The results indicate that media credibility does not have a significant effect on consumer anxiety and panic buying. On the other hand, social contagion has a direct and indirect influence on consumer anxiety. Likewise, consumer anxiety mediates the relationship between social contagion and panic buying behavior. The findings from this research can be used by manufacturers and retailers to maintain goods availability during the pandemic, and the government as a basis for economic decision making. This research also contributes to development of the academic literature related to consumer behavior during a pandemic.

Consumption coping to deal with pandemic stress: impact on subjective well-being and shifts in consumer behavior

“…Individual motivation to adopt or not adopt consumption coping is explained by the TMI. Previous studies have demonstrated that people use both approach consumption coping, such as cutting costs, panic buying and increased health expenditures (Putri et al, 2021), and avoidance Consumption coping to deal with pandemic stress consumption coping, such as compulsive and impulsive buying (Liu and Black, 2011;Seale et al, 2009;Sneath et al, 2009;Sneath et al, 2014), during collective tragedies such as floods, pandemics and earthquakes. Therefore, this study proposes that people with high pandemic-induced stress will try more approach and avoidance consumption coping.…”

Did Anything Good Come Out of the Pandemic? COVID-19-Stress Induced Self-Regulatory Sustainable Apparel Consumption among the Millennials in the U.S.

“…However, the pandemic also induced wasteful consumption intentions in certain product categories of essential items such as food and toilet paper [32][33][34][35][36]. Millennials also engaged in panic buying to cope with the stress of not having access to these essential items amid the pandemic [39]. While there was an increase in the consumption of food and toilet paper among millennials, apparel shopping decreased during this time [39].…”

“…While sustainable consumption is conceptually less wasteful in nature, increased instances of both sustainable consumption and wasteful consumption amid the pandemic seem contradictory. Although some studies suggested that the consumption of toilet paper, groceries, and food increased among millennials amid the pandemic [39], intentions for purchasing leisure items and apparel decreased during this time [39]. Therefore, it could be implied that the increase or decrease in purchase intentions amid the pandemic was largely dependent on the product category.…”

“…Furthermore, several studies have indicated instances of wasteful consumption amid the pandemic [32][33][34][35][36], including instances of panic buying (i.e., buying products in excess due to the fear of the products becoming unavailable) [33,[36][37][38]. Even millennials, who are considered to be environmentally conscious engaged in panic buying amid the pandemic, reflecting wasteful consumption [39,40]. While sustainable consumption is conceptually less wasteful in nature, increased instances of both sustainable consumption and wasteful consumption amid the pandemic seem contradictory.…”

<b>Consumer buying behaviour in crisis times: Uncertainty and Panic buying mediation analysis</b>

“…This change in buying behaviour is not unexpected as they tended to serve as coping strategies for life in isolation. This level of panic buying is not unrelated to mainstream news impending scarcity and supply chain disruptions with three keywords immediately coming to mind on the situation: fear, panic, risk (Arafat et al, 2020;Putri et al, 2021). These keywords underpin the kind of buying situation ongoing globally, characterising consumer buying decision making and instigating purchase of whatever consumers can lay their hands on.…”