Should I buy or not? Revisiting the concept and measurement of panic buying.

Abstract

Following various precautionary measures as executed by the government to curb the transmission of COVID-19, erratic changes in the form of temporary lockdowns and movement restrictions have created an emergency phenomenon—panic buying. While such consequence has emerged as a timely and relevant topic, reviewed literature indicate an apparent oversight for portraying panic buying through the perspectives of impulsive and compulsive consumptions. Given the gap in the association between panic buying and consumers’ emotional aspects within the context of the COVID-19 pandemic, this study aspires to develop a contemporary measurement that accurately defines panic buying as a research variable. A combined methodology was hereby adopted, with the employment of qualitative inquiries towards the scale development of panic buying. Following this, quantitative data as collected from a total sample of 600 respondents through an online survey was analysed via both SPSS and AMOS statistical software towards scale assessment and hypothesis testing. Obtained findings uncovered the direct significance of both personal (fear, perceived risk, and perceived scarcity) and social (word-of-mouth and social media) factors on panic buying during the pandemic, whilst having indirect significance on the ensuing post-purchase regret. Impulsivity was further confirmed to exert a substantial moderating impact on the correlation between panic consumption and post-purchase emotional distress. Implications of the study are ultimately discussed.