Social media and panic buying during the COVID-19 pandemic in Vietnam: Preliminary analysis

Abstract

ABSTRACT The COVID-19 pandemic has significantly disrupted the world economy and health services, leading to fear, panic, and vulnerability among billions of people. Panic buying, observed in many countries, became a common phenomenon during the pandemic. However, there is still an incomplete understanding of how social media influences fear and consumer responses during such turmoil. This study aims to comprehend consumer experiences, thoughts, and emotions regarding the role of social media in driving panic buying behavior. Through an inductive thematic analysis of data from 30 consumers, the results reveal six key themes that highlight the impact of social networks on panic buying behavior during the COVID-19 crisis. These themes include the provision of evidence of uncertainty, social pressure, and social contagion; fostering interaction and discussion; facilitating the spread of messages and group thinking; the role of government communications; expert opinions; and the influence of social media influencers. This study contributes to existing theories by providing empirical evidence that supports the role of social media in generating consumer panic buying behavior during the COVID-19 pandemic.