DID FEAR OF MISSING OUT TRIGGER PANIC BUYING BEHAVIOR AND COGNITIVE DISSONANCE OF CONSUMERS DURING EARLY DAYS OF COVID-19 PANDEMIC? THE MEDIATING ROLE OF PANIC BUYING

Abstract

Since the breakout of Covid-19 pandemic, irrational consumer behaviors have been observed in all over the world. Drawing on the drive-reduction theory and social comparison theory, this study attempts to explain some part of these irrational behaviors on the basis of the interaction between fear of missing out, panic buying and cognitive dissonance. Fear of missing out is included in this study as an independent variable that leads to cognitive dissonance as a post-purchase behavior. Panic buying is included as mediator variable in suggested model. Data were obtained from 465 respondents who were residents of Turkey and have stockpiled any supplies since the early days of Covid-19 pandemic. In order to test the associated links between the variables, structural equation modelling was utilized. The results reveal that fear of missing out and panic buying both have a significant positive influence on cognitive dissonance. Also, partial mediation impact of panic buying on the relationship between fear of missing out and cognitive dissonance is empirically suggested. The results also provide applicable insights to policy makers and practitioners to mitigate cognitive dissonance of consumers by calming down their fear of missing out and panic buying with a right communication strategy.