Panic Buying Behavior Analysis according to Consumer Income and Product Type during COVID-19

Abstract

In 2020, just before measures were established by governments to minimize the spread of SARS-CoV-2, such as social distancing, quarantine, lockdowns, and internal movement restrictions, people began to buy some products in quantities much superior to their regular needs. This behavior is called panic buying and is a typical human response in times of crisis and uncertainty. This study compares retail sale levels during the period in which panic purchases occurred to the sales levels before and after that period. We analyzed the sales of five groups of products from 144 stores of two major retailers in São Paulo, Brazil. Several regression models were used to evaluate the data obtained from demographic information, actual sales, per capita income, and product sales transactions. The results show that sales before, during, and after the panic buying period varied according to the product type and increased according to the average per capita income of each store’s influence area. These results may assist policymakers in introducing public policies and managing resources during a crisis that requires social distancing and lockdowns.

Inefficacious drugs against covid-19: analysis of sales, tweets, and search engines

“…The peak sales (dashed line) occurred in March 2021, as well as the peak in number of cases ( Figure 1c ) and deaths ( Figure 1d ) due to covid-19. On the other hand, Google ® searches ( Figure 1a ) and the number of tweets ( Figure 1b ) showed peaks in May 2020, still in the initial phase of the pandemic, indicating a similar behavior to panic buying 6 . This was mainly related to the euphoria of some world leaders, and chloroquine was introduced as an easy solution to the health crisis 23 .…”

“…Observa-se que o pico de vendas (série tracejada) ocorreu em março de 2021, assim como o pico de casos ( Figura 1c ) e de óbitos ( Figura 1d ). Por outro lado, as pesquisas no Google® ( Figura 1a ) e o número de tweets ( Figura 1b ) apresentaram picos em maio de 2020, ainda na fase inicial da pandemia, indicando comportamento similar ao de compras em pânico 6 . Isso está relacionado, principalmente, à euforia de alguns líderes mundiais e a apresentação da cloroquina como uma solução fácil para a crise sanitária 23 .…”

“…Information shared on social media related to uncertainties and unavailability of drugs contributed to the development of panic buying behavior among consumers during this period 5 , who mostly bought grocery items and, in some cases, drugs for potential treatments, causing a shortage of these products 3 , 6 . Many drugs advertised on social media platforms, such as Twitter ® , have no proven evidence of efficacy against covid-19 7 .…”

“…O compartilhamento de informações em mídias sociais relacionadas a incertezas e à indisponibilidade de produtos contribuiu para o desenvolvimento do comportamento de compras em pânico nos consumidores do período 5 . Estudos constataram a ocorrência dessas compras em itens de mercearia 4 , 7 e, em alguns casos, em medicamentos relacionados a esses tratamentos, ocasionando a falta deles 3 , 6 . Muitos dos medicamentos divulgados em redes sociais, como o Twitter ®, não possuem eficácia cientificamente comprovada para tratamento da covid-19 7 .…”

A Pilot Study Exploring the Purchase Intention of Luxury Fashion Brands in Malaysia

“…Income is a superior determinant of purchasing behavior (Roszkowska-Hołysz, 2013;de Brito Junior et al, 2023). Mamat, Noor & Noor (2016) findings suggested that income of individuals does influence their luxury purchase intention.…”