Research on the Influencing Factors of Panic Buying Under Public Health Emergencies

Abstract

The COVID-19 outbreak in early 2020 not only had a significant impact on China at the macro level, but also triggered changes in public psychology and irrational behavior at the individual level, one of the typical features of which was the panic buying behavior exhibited by residents during the outbreak. Based on Perceived Risk theory, emotion infection theory and information processing theory, this paper investigates the influence of herd mentality on panic buying behavior and the mediating role of Perceived Risk and information overload, and validates the model by collecting data from 326 residents through a questionnaire. The results show that herding mentality, Perceived Risk, and information overload all have positive effects on panic buying; Perceived Risk and information overload partially mediate the effect between herding mentality and panic buying, and information overload carries more mediating effects. These results suggest that higher levels of herding, Perceived Risk, and information overload can intensify individuals’ panic buying and cause further irrational buying behavior. In response to the findings, this paper also proposes countermeasures to deal with panic buying from three aspects: individuals, media, and government.