Panic Buying: A Theoretical and Conceptual Review

Abstract

Purpose: Panic buying is a consumer behaviour that can be complex to explain in critical, urgent, uncertain and crisis situations. This phenomenon has yet to be fully explored in research on consumer behaviour, and further investigation is required across a range of scientific fields. Panic buying may have many causes and consequences. Determining the causes of panic buying and understanding consumer psychology in crisis and disaster situations in terms of various theories can guide government officials, businesses, marketing practitioners and researchers in case it occurs again in consumer behaviour in the future. This study aims to conduct a conceptual and theoretical examination of panic buying and to focus on its causes. Material and Method: Panic buying was discussed conceptually and theoretically within the framework of the literature review and inferences were made. Findings: This study focuses on the conceptual and theoretical examination of panic buying and its causes. Theories such as Compensatory Control Theory, Social Influence Theory, Social Proof Theory, Scarcity Theory, Herd Behavior, Survival Psychology and Motivation Theory have been intensively the subject of studies on panic buying. It is more common in the literature to try to explain the reasons for panic buying during situations such as crises, pandemics and disasters. Results: Consumers who panic buy should be measured more in terms of their post-purchase feelings such as regret, sadness, empathy, satisfaction, and their intention to panic buying again. In addition, which marketing messages and strategies are more likely to cause panic buying and which strategies are more useful in controlling panic buying are also recommended for future research.