Chinese Consumers’ Herd Consumption Behavior Related to Korean Luxury Cosmetics: The Mediating Role of Fear of Missing Out

Inwon, Kang; He, Xue-Zhong; Shin, Mi Hee

doi:10.3389/fpsyg.2020.00121

Cited by 46 publications

(50 citation statements)

References 42 publications

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“…On the contrary, the individualistic nature is associated with attributes such as independence or assertiveness. The portrayal of people engaging in panic buying by the media can potentially cause distrust and subsequently triggers panic buying [43].…”

Section: Social Trustmentioning

confidence: 99%

The Psychological Causes of Panic Buying Following a Health Crisis

Yuen

Wang

et al. 2020

IJERPH

409

498

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Attributed to the recent COVID-19 pandemic, panic buying is now a frequent occurrence in many countries, leading to stockouts and supply chain disruptions. Consequently, it has received much attention from academics and the retail industry. The aim of this study is to review, identify, and synthesise the psychological causes of panic buying, which is a relatively new and unexplored area in consumer behaviour research. A systematic review of the related literature is conducted. The review suggests that panic buying is influenced by (1) individuals’ perception of the threat of the health crisis and scarcity of products; (2) fear of the unknown, which is caused by negative emotions and uncertainty; (3) coping behaviour, which views panic buying as a venue to relieve anxiety and regain control over the crisis; and (4) social psychological factors, which account for the influence of the social network of an individual. This study contributes to the literature by consolidating the scarce and scattered research on the causes of panic buying, drawing greater theoretical insights into each cause and also offers some implications for health professionals, policy makers, and retailers on implementing appropriate policies and strategies to manage panic buying. Recommendations for future research are also provided.

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Section: Social Trustmentioning

confidence: 99%

The Psychological Causes of Panic Buying Following a Health Crisis

Yuen

Wang

et al. 2020

IJERPH

409

498

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“…Previous studies on herding effects focused on investing in the stock market ( 24 , 25 ), herding behavior in online peer-to-peer lending ( 26 ), and consumers' herd consumption behavior ( 27 ). Research on herding behavior in public health has been limited.…”

Section: Introductionmentioning

confidence: 99%

“…Herding behavior is viewed as a behavior that irrationally and emotionally follows the behavior of a crowd ( 27 ). Lee and Wu ( 32 ) argued that different kinds of emotion influence consumer behavior.…”

Section: Introductionmentioning

confidence: 99%

How COVID-19 Triggers Our Herding Behavior? Risk Perception, State Anxiety, and Trust

Lee

2021

Front. Public Health

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People have felt afraid during the outbreak of coronavirus disease 2019 (COVID-19), because a virus is an invisible enemy. During the pandemic outbreak, society has become worried about the spread of infections and the shortage of protective equipment. This common fear among the public subsequently deepens each person's fear, increasing their belief in the content reported by the media and thus actively compelling these individuals to engage in the behavior of panic buying. In this study, we explored the effects of the public's risk perception, state anxiety, and trust in social media on the herding effect among individuals. The study was based on an online questionnaire survey and convenience sampling. The results showed that the public's risk perception increased their state anxiety and then deepened their willingness to wait in line for a purchase. In addition, the more people that trust the message delivered by the media, the more actively they will join the queue to buy goods. This study also found that anxiety had a greater impact on the public's willingness to wait for a purchase than trust in social media. Therefore, the top priority for the government should be to reduce the public's state anxiety and then reduce the herding effect.

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“…The shortage analysis was carried out from the perspective of supply chain. Kang et al 11 suggested that the media’s depiction of people’s panic buying might lead to people’s distrust of society and subsequently lead to more panic buying. Arafat et al 12 put forward that the media play a significant role in dealing with panic buying as some of the psychological explanations are related to the perception of the general population.…”

Section: Literature Reviewmentioning

confidence: 99%

<p>Based on Computational Communication Paradigm: Simulation of Public Opinion Communication Process of Panic Buying During the COVID-19 Pandemic</p>

Li¹,

Chen²,

Yang³

et al. 2020

PRBM

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Background and Aim: The spread of the COVID-19 pandemic has led to a number of instances of large-scale panic buying. Taking the COVID-19 pandemic as an example, this paper explores the impact of panic in uncertain environments on panic buying behavior. Under certain circumstances, the spread of rumors about shortage of goods is likely to cause large-scale panic buying. This paper focuses on the study of such panic buying caused by online rumors. Methods: Firstly, based on the improved BA network, this paper constructs a directed network for public opinion communication and integrates an offline communication network to build a two-layer synchronous coupling network based on online and offline communications. Secondly, the individual decision model and the panic emotion transmission model under the uncertain environment are constructed. Netizens judge the authenticity of network information, determine their own panic degree according to the above two models, and judge whether they participate in the panic buying based on the above factors. Finally, the spread of the public opinion of goods buying under the panic state is simulated and analyzed. Results: The experimental results of the two-layer synchronous network that integrates offline interaction are significantly different from the results of pure online interaction, which increases the speed of public opinions spread after offline interaction and affects a wider range of groups. Under the condition of sufficient supplies, panic in local areas will not cause large-scale panic buying on the whole network. However, the results under the same parameters suggest that if there is a shortage of supplies, panic will spread quickly across the network, leading to large-scale panic buying. It is very important to ensure sufficient supply of materials at the beginning of the spread of rumors, which can reduce the number of buyers. However, if there is a shortage of goods before the panic dissipates in the later stage, there will still be a large-scale rush purchase. Conclusion: These results explain the reasons why it is difficult to stop the buying events in many areas under the COVID-19 pandemic. Under the uncertain environment, the panic caused by people's fear of stock shortage promotes the occurrence of large-scale rush buying. Therefore, in the event of major public health events, ensuring adequate supply of materials is the top priority.

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Chinese Consumers’ Herd Consumption Behavior Related to Korean Luxury Cosmetics: The Mediating Role of Fear of Missing Out

Cited by 46 publications

References 42 publications

The Psychological Causes of Panic Buying Following a Health Crisis

The Psychological Causes of Panic Buying Following a Health Crisis

How COVID-19 Triggers Our Herding Behavior? Risk Perception, State Anxiety, and Trust

<p>Based on Computational Communication Paradigm: Simulation of Public Opinion Communication Process of Panic Buying During the COVID-19 Pandemic</p>

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