Panic buying: The effect of thinking style and situational ambiguity

Herjanto, Halimin; Amin, Muslim; Purington, Elizabeth F.

doi:10.1016/j.jretconser.2021.102455

Cited by 45 publications

(59 citation statements)

References 66 publications

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“…Panic buying is a self-interest, yet self-protective, behavior because it imparts people with a sense of safety to relieve the anxiety and fear caused by the pandemic (Yuen et al, 2020 ). Our current results corroborate prior studies (Bentall et al, 2021 ; Herjanto et al, 2021 ; Song et al, 2020 ), supporting that people with a higher level of perceived risk are more prone to panic buying.…”

Section: Discussionsupporting

confidence: 92%

“…Because panic buying is adverse to fighting against the COVID-19 pandemic, examining these questions is meaningful as the findings would identify whom are more prone to panic buying during a health crisis and inform the leverage points that prevention and intervention programs could target at. Based on prior findings (Bentall et al, 2021 ; Herjanto et al, 2021 ; Song et al, 2020 ), we hypothesized that perceived risk would be positively related to panic buying. Moreover, in light of TMT (Pyszczynski et al, 2020 ), the association between perceived risk and panic buying would be mitigated by connection with close others, especially when people use social media less excessively.…”

Section: The Present Studymentioning

confidence: 94%

“…Panic buying refers to the behavior in which consumers purchase a large number of items to avoid the possibility of future shortages (Herjanto et al, 2021 ). Research has found that panic buying is a complex phenomenon caused by multiple factors, including neural (e.g., neuropsychological impairment), psychological (e.g., anxiety) and contextual (e.g., supply scarcity) antecedents (Frost et al, 2009 ; Grisham et al, 2007 ; Tsao et al, 2019 ).…”

Section: Panic Buying and The Role Of Perceived Risk In Times Of Covid-19mentioning

confidence: 99%

“…A few studies have examined the association between perceived risk and panic buying-related behavior. For instance, Herjanto et al’ ( 2021 ) conducted a cross-sectional study in 139 US participants, revealing that perceived risk was positively related to panic buying. In another study conducted among 1499 Chinese citizens at the beginning period of the COVID-19 outbreak, Song et al ( 2020 ) found that death threat was directly associated with materialism.…”

Section: Panic Buying and The Role Of Perceived Risk In Times Of Covid-19mentioning

confidence: 99%

“…In this sense, excessive use of social media is not only directly related to more panic buying, but it is also likely to exacerbate the effect of perceived risk on panic buying because it strengthens the already existing death-related anxiety induced by the pandemic. Existing studies have found that increasingly using the internet is related to more panic buying during COVID-19 (Du et al, 2020 ) and that high exposure to social media information strengthened the link between perceived risk and panic buying (Herjanto et al, 2021 ).…”

Section: The Role Of Social Media Use and Connection With Close Othersmentioning

confidence: 99%

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Chinese public’s panic buying at the beginning of COVID-19 outbreak: The contribution of perceived risk, social media use, and connection with close others

Zhang

Wang

et al. 2021

Curr Psychol

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Panic buying is a globally witnessed behavior during the outbreak of COVID-19. This consumer behavior is related to many undesirable consequences, ranging from disrupting economic stability to hindering timely provision of supplies to those in dire need. As such, to understand the causes and underlying mechanisms of panic buying is crucial. Based on terror management theory, this study examined the contribution of perceived risk, social media use, and connection with close others to panic buying. Data were collected through an online survey from 972 Chinese citizens (65.9% female, M age = 33.69 years) at the beginning period of COVID-19 in early February 2020. The results found that individuals with a higher level of perceived risk were more prone to engage in panic buying, but this link was mitigated by connection with close others when individuals less used social media. Theoretically, this study advances the understandings of the psychological processes of panic buying during health crisis. Practically, alleviating individuals’ perceived risk, establishing a healthy habit of social media use, and strengthening social ties are important to circumventing panic buying in times of COVID-19.

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Section: Discussionsupporting

confidence: 92%

Section: The Present Studymentioning

confidence: 94%

Section: Panic Buying and The Role Of Perceived Risk In Times Of Covid-19mentioning

confidence: 99%

Section: Panic Buying and The Role Of Perceived Risk In Times Of Covid-19mentioning

confidence: 99%

Section: The Role Of Social Media Use and Connection With Close Othersmentioning

confidence: 99%

See 3 more Smart Citations

Chinese public’s panic buying at the beginning of COVID-19 outbreak: The contribution of perceived risk, social media use, and connection with close others

Zhang

Wang

et al. 2021

Curr Psychol

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Commercial value of panic buying and its marketing implications

Lim,

Kalantari,

Perera

2024

J of Consumer Behaviour

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In the wake of the significant impact of the COVID‐19 pandemic on industries and societies worldwide, the world has transitioned into a new normal marked by increased susceptibility to disruptive, volatile, uncertain, complex, and ambiguous (DVUCA) events. In this new normal, panic buying has proliferated into a pervasive global consumer behavior, rendering far‐reaching implications on economies and societies worldwide and thus necessitating thorough investigation. Existing literature on panic buying is constrained by two noteworthy limitations: firstly, the scarcity of studies that delineate the commercial impact of panic buying, and secondly, the dearth of longitudinal data in panic buying research. Addressing these gaps, this study employs longitudinal multi‐sourced monthly and seasonally adjusted secondary data comprising retail revenue of supermarkets and grocery stores and related COVID‐19 indicators in Australia to establish a case of panic buying and examine its commercial impact. Using 10 generalized least squares and two‐stage least squares regressions, we observe a positive, statistically significant relationship between the intensity of external crises and retail revenue, even when accounting for control and instrumental variables. Specifically, the increasing number of COVID‐19 new cases was found to produce a positive and significant effect on supermarket and grocery store revenue, with each new case contributing AU $0.02 million. Therefore, the present study contributes alternative evidence from the field that not only reaffirms the effect of externalities such as COVID‐19 in stimulating panic buying among consumers, but also highlights, for the first time, the commercial value of panic buying. The marketing implications of these findings in the new normal are also discussed.

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Panic consumption under public health emergencies: The mediating role of risk perception

Peng,

Hadžić,

Danner

et al. 2024

J Public Health (Berl.)

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Aim The primary objective of this study was to examine and explain the public panic consumption model based on the stimulus–organism–response theory, during the peak time period of the COVID-19 pandemic in China. Subject and methods The research data were collected through the questionnaires adapted for the purpose of this survey, which included a total of 408 participants (33% female) from the global population. The stepwise regression analysis has been conducted. Results The results have shown that both physical social networks and online social networks have a significant positive impact on infection risk perception, but the impact of physical social networks has proved to be a better predictor. Infection information obtained from physical social networks affects conformity buying and uncontrolled self-medication if the perceived risk perception is higher. When it comes to the impact of risk perception on conformity buying, health change has a significant negative regulatory effect. In the impact of risk perception on the uncontrolled self-medication, health change has no significant regulatory effect. Conclusions During the recent epidemic states, it is noticeable that public panic consumption has aggravated the difficulty of emergency management. Especially when it comes to the management of medical materials and medicines. In order to tackle this challenge in the future, the trigger mechanisms behind panic consumption are revealed.

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Panic buying: The effect of thinking style and situational ambiguity

Cited by 45 publications

References 66 publications

Chinese public’s panic buying at the beginning of COVID-19 outbreak: The contribution of perceived risk, social media use, and connection with close others

Chinese public’s panic buying at the beginning of COVID-19 outbreak: The contribution of perceived risk, social media use, and connection with close others

Commercial value of panic buying and its marketing implications

Panic consumption under public health emergencies: The mediating role of risk perception

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