Panic Buying Research Articles

Panic Buying as a Cause of Inflation According to al-Maqrizi's Perspective

This article was written based on the results of qualitative literature research which aims to determine the impact of panic buying in March 2020 on the inflation rate in Indonesia and to classify panic buying as the cause of inflation based on al-Maqrizi's perspective. The background of this research is because there are only a few studies on panic buying in Islamic economic discourse that can be found when browsing in Google Scholar page, even though panic buying at that period was a problem in various countries. The results of this study are: 1) the panic buying that occurred in Indonesia was not severe, so it does not have an impact on the inflation rate; 2) according to al-Maqrizi’s perspective, panic buying can be classified into human error inflation.

Pricing decisions during panic buying and its effect on a dual-channel supply chain under different channel power structures

Pricing decisions during panic buying and its effect on a dual-channel supply chain under different channel power structures

Locked, Stocked, and Charmin: Sources of White Americans’ Responses to the COVID-19 Pandemic

ABSTRACT In March 2020, the COVID-19 pandemic resulted in an unprecedented number of people purchasing firearms/ammunition. However, this was not the only way Americans responded to the pandemic: large swaths of the public also stayed at home and stockpiled goods. Twelve months later, as the pandemic raged, these coping mechanisms were still present as Americans continued to buy guns/ammunition, limit social interactions, and hoard supplies. Using two nationwide surveys conducted one year apart, we examine the extent and sources of gun/ammunition purchasing compared to staying home and panic buying during this unique moment in American history. Results from both surveys indicate that the factors that led to these divergent coping mechanisms vary. Both at the beginning of the pandemic and one year later, the likelihood of purchasing a firearm/ammunition was associated low self-control and White nationalism. Conversely, fear of the virus was associated with people staying home and amassing supplies.

O.P.14 - The influencing chain of panic buying: Lessons learned from the pandemic for crisis communication: Presenter(s): Sonja Bidmon, Universitaet Klagenfurt, Austria

O.P.14 - The influencing chain of panic buying: Lessons learned from the pandemic for crisis communication: Presenter(s): Sonja Bidmon, Universitaet Klagenfurt, Austria

THE ROLE OF COVID-19 MEDIA EXPOSURE TO PANIC BUYING WITH ANXIETY AS MEDIATOR

Media exposure to traumatic event can cause anxiety. One of the actions taken during COVID-19 to reduce anxiety is panic buying behavior. This study aims to determine the role of media exposure related to COVID-19 on panic buying with coronavirus anxiety as a mediator. This research is conducted in Jabodetabek from September 2021 to April 2022. The population in this study was emerging adulthood (18-25 years old) with a sample of 397 people. Sampling is done by sharing questionnaires using google form through social media. Data analysis uses multiple linear regression techniques. The results showed that most of the respondents were female (58.7%), aged 21 years (43.8%), had a final high school/vocational/equivalent education (66.2%), domiciled in Jakarta (55.2%), had no history of COVID-19 (72.5%), had a family with a history of COVID-19 (51.1%). Based on the results of the main data analysis, it was found that participants in this study had low levels of media exposure, coronavirus anxiety, and panic buying. The results of the analysis showed that there was a significant and positive partial mediation role between media exposure to panic buying with coronavirus anxiety as a mediator variable. It can be concluded that excessive media exposure related to COVID-19 can increase coronavirus anxiety and trigger the emergence of panic buying behavior. Therefore, the government or information spreaders can pay more attention to the spread of valid information to prevent the emergence of panic from rumors and false information.

Impact of COVID-19 on online grocery shopping discussion and behavior reflected from Google Trends and geotagged tweets

People express opinions, make connections, and disseminate information on social media platforms. We considered grocery-related tweets as a proxy for grocery shopping behaviors or intentions. We collected data from January 2019 to January 2022, representing three typical times of the normal period before the COVID-19 pandemic, the outbreak period, and the widespread period. We obtained grocery-related geotagged tweets using a search term index based on the top 10 grocery chains in the US and compiled Google Trends online grocery shopping data. We performed a topic modeling analysis using the Latent Dirichlet Allocation (LDA), and verified that most of the collected tweets were related to grocery-shopping demands or experiences. Temporal and geographical analyses were applied to investigate when and where people talked more about groceries, and how COVID-19 affected them. The results show that the pandemic has been gradually changing people’s daily shopping concerns and behaviors, which have become more spread throughout the week since the pandemic began. Under the causal impact of COVID-19, people first experienced panic buying groceries followed by pandemic fatigue a year later. The normalized tweet counts show a decrease of 40% since the pandemic began, and the negative causal effect can be considered statistically significant (p-value = 0.001). The variation in the quantity of grocery-related tweets also reflects geographic diversity in grocery concerns. We found that people in non-farm areas with less population and relatively lower levels of educational attainment tend to act more sensitively to the evolution of the pandemic. Utilizing the COVID-19 death cases and consumer price index (CPI) for food at home as background information, we proposed an understanding of the pandemic’s impact on online grocery shopping by assembling, geovisualizing, and analyzing the evolution of online grocery behaviors and discussion on social media before and during the pandemic.

Consumer Panic Buying Behavior and Supply Distribution Strategy in a Multiregional Network after a Sudden Disaster

Panic buying is now a frequent occurrence in many countries, leading to stockouts and supply chain disruptions. This paper highlights consumers’ panic buying behavior in different types of regions and the impact of different replenishment strategies after an emergency supply disruption. Panic buying behavior occurs when consumers try to mitigate the negative impact of a supply disruption. Therefore, this paper develops a consumer-based agency model to study the correlation between public opinion and panic buying and simulates the influence of consumers’ panic buying behavior under different situations in a complex network. The results show that the spread of panic feelings can lead to panic buying behavior among consumers, which then shocks the retailer market. The distribution of supplies according to the type of city and the number of people can have an impact on consumer panic buying behavior, and when the government adopts a restrictive strategy, implementing a quota policy or uniform rationing is very effective in reducing the number of consumers participating in panic buying.

The Impact of Covid-19 Pandemic on Saudi Consumer Behavior

The Covid-19 represents a global disease that made up a great upheaval, and unstable environment and created a number of challenges to consumers around the world. The spread of this virus makes a remarkable change in consumer behavior in the form of new buying patterns such as online shopping, storing non-perishable food, bulk buying, avoidance crowd, and seeking to low contact commerce. Consumers facing this serious threat shifted their consumption patterns and generated various responses all over the world. In Saudi Arabia as in the entire world, the pandemic situation has led to significant and tangible changes about consumer behavior, however, there are no previous studies investigating the impact of the new coronavirus on Saudi consumer behaviour, and scarce are the researches examining this topic in other countries. Hence, in order to fill this academic gap and in order to better understand the impact of this pandemic situation on consumption, this study aims to describe how the Covid-19 pandemic influenced Saudi consumer behavior and to investigate the consumption patterns of Saudi people during the Covid-19. To discuss the emergent trends of consumer buying decisions due to the pandemic, an online survey was conducted with 385 Saudi consumers. The findings revealed that the mental health and the well-being of Saudi consumers were negatively influenced by the pandemic which affected clearly their consumption behavior, and consumers showed a high level of panic buying and health-conscious consumption.

Culture, Virus, Anxiety: Global Anxiety Level during the COVID-19 Pandemic Using a Cultural Lens

The world average anxiety level has increased since the 2019 outbreak of the new coronavirus. Although there are many studies on pandemics and anxiety levels, few have examined predictors of anxiety during the pandemic and possible pathways of influence, specifically comparing regional differences under different cultural influences. This paper argues that culture and cognition as the two main predictors of rising global anxiety levels, as well as provides an analysis of panic buying as an example of maladaptive anxiety, through a re-analysis of the existing literature. The findings of the paper suggest that culture, especially when recruiting participants from multiple countries and regions, is an essential factor in conducting psychological research. One of the limitations of previous studies is the lack of data across all phases of COVID-19. Future research should conduct longitudinal studies to examine the dynamic changes over time. The results could contribute to the study of the mental health of culturally diverse groups affected by the pandemic.

Lessons from COVID-19 pandemic: Analysis of unequal access to food stores using the Gini coefficient

COVID-19 has dramatically altered daily life worldwide, with some urban residents resorting to panic buying at the beginning of the pandemic. Large-scale lockdowns and restaurant closures have increased the need for grocery shopping. Such shifts in consumer patterns have altered supply–demand systems. Insufficient food store availability increases the likelihood of crowding and thus increases the probability of viral infection. People who live without easy access to food stores also face high infection risks when forced to travel long distances for grocery shopping. The COVID-19 pandemic has demonstrated the importance of the number and distribution of food stores to virus transmission. Food access is also a core factor of urban resilience during the pandemic. This study used the Gini coefficient to investigate the fairness of accessibility to food stores at the city and village levels, with Taipei City chosen as the research area. Different spatial scales were considered, and we calculated the equality of food access for older (≥65 years old) and non-older populations separately to determine whether one group faces greater inequality. At the city level, both older and non-older populations in Taipei have reasonable access (Gini coefficient between 0.3 and 0.4), with mean Gini coefficients of 0.3616 and 0.3655, respectively. This city-level analysis represents the overall degree of unequal access to food stores. At the village level, eight villages (1.8 %; total N = 456) had severe access inequality (Gini coefficient > 0.6) for older adults; they are located primarily in downtown or suburban areas. For the non-older population, only two villages (0.4 %; total N = 456) in suburban areas exhibit severe access inequality. The village-level analysis identified villages with low equality of access to food stores and revealed local problems that cannot be observed at the city level.

A Bibliometric Analysis of Panic-Buying Behavior during a Pandemic: Insights from COVID-19 and Recommendations

COVID-19 is the latest pandemic form and, as usual, it also opened gates for new avenues in consumer behavior research. Panic buying among consumers due to the current pandemic is the focus of this study. This study adopts a bibliometric approach to analyze the studies published in the last three years (2020–2022) (obviously, there is no research before 2020). Seventy-nine studies are included based on the Web of Science database. First, a general analysis is conducted to understand the current state of research by mapping countries, authors, publication outlets, citations, institutions, etc. It provides the association or linkage of the mentioned variables related to the mentioned studies. Second, insights and recommendations are provided based on specific keyword analysis and deep diving. The findings indicate that panic-buying behavior is a fact during COVID-19, especially in the first year, and specific factors were responsible for the same. In the second year, it ebbed substantially. This study provides recommendations for practitioners to deal with panic buying behaviors in future pandemics.

Partnerships supporting policies: A social marketing case study of mask supply solutions in South Korea during the COVID-19 pandemic.

South Korea was one of the first countries to experience a large outbreak of COVID-19. Early on, public health authorities recommended mask wearing as one of the main preventive measures against the virus. Compared to people in other countries, most South Koreans were willing to follow this recommendation. However, during the early stages of the pandemic, panic buying and vendor hoarding led to a nationwide mask shortage. The problem that needed to be solved was not to change the public's behavior but rather to make masks more available to them. To stabilize mask supply and demand, the South Korean government implemented a distribution system that limited mask purchases to two per person per week, in a 5-day rotation determined by birth year. The places designated for selling masks included pharmacies, post offices, and marts that had access to data about registered South Korea residents who had and had not bought their allotted masks. Despite this system, supply problems persisted. In different regions of the country, population density and demand varied, and some pharmacies sold out their stocks of masks earlier than others. Recognizing that people needed a more effective system for finding masks, the government made mask inventory data available to companies and the general public. Three weeks later, about 200 mask apps and web services had been launched. Supplies of masks quickly stabilized, and people could more easily find and buy them. In addition, pharmacies were able to sell out their stocks of masks more efficiently. The South Korean case of mask demand and distribution during COVID-19 illustrates how all six of the social marketing components (policy, supplemented by products, price, place, promotion, and partnerships) need to be coordinated for effective mitigation of infectious disease. In particular, this case highlights the importance of public-private partnerships among the government, production companies, retailers, and members of the general public.

Panic Buying Behavior Analysis according to Consumer Income and Product Type during COVID-19

In 2020, just before measures were established by governments to minimize the spread of SARS-CoV-2, such as social distancing, quarantine, lockdowns, and internal movement restrictions, people began to buy some products in quantities much superior to their regular needs. This behavior is called panic buying and is a typical human response in times of crisis and uncertainty. This study compares retail sale levels during the period in which panic purchases occurred to the sales levels before and after that period. We analyzed the sales of five groups of products from 144 stores of two major retailers in São Paulo, Brazil. Several regression models were used to evaluate the data obtained from demographic information, actual sales, per capita income, and product sales transactions. The results show that sales before, during, and after the panic buying period varied according to the product type and increased according to the average per capita income of each store’s influence area. These results may assist policymakers in introducing public policies and managing resources during a crisis that requires social distancing and lockdowns.

Covid-19 - Pushes Marketers To Sell Differently To Global Millennials In Emerging Markets

‘CoronaVirus’ is a hard hit on both Millennial consumers and marketers. It forced consumers and marketers to do the usual activities of buying and selling differently. Panic buying and herd mentality was widely noticed among millennials. Their unusual buying behavior which reflects behavior during a crisis is highly influenced by environmental stimuli. From this study, it is found that there has been a significant buying behavioral shift of global millennials in emerging markets (BRIC – Brazil, Russia, India, China; CIVETS – Columbia, Indonesia, Vietnam, Egypt, Turkey, South Africa). It is evident that the initial marketing attempts of marketers failed during COVID-19 due to the lack of understanding of the significance of environmental and marketing stimuli in consumers’ purchase decisions. This study brings out the various positive substantial changes brought about through internetization in marketing goods and services to millennial customers during the pandemic. The pandemic enabled a rapid digital revolution in buying and selling using digital/online platforms. The study suggests the application of the Black Box Model by marketers in marketing and selling decisions. The Internet has been the most important tool used by customers and sellers to access what they need. This study is useful to marketers and upcoming entrepreneurs to understand that it is the consumer’s buying behavior that triggers and pushes marketers to sell differently.

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

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.

"If you don't buy it, it's gone!": The effect of perceived scarcity on panic buying

<abstract> <p>To identify the mechanisms by which perceived scarcity affects consumers' panic-buying behaviours and to explore the underlying reasons for panic-buying. Building on signalling theory and scarcity theory, we constructed a model of panic-buying behaviour. In total, 361 sources of valid data were collected via online questionnaires, and partial least squares structural equation modelling was employed for the empirical analysis. In the context of COVID-19, perceived scarcity significantly and positively influenced the macro signals, for example, by impacting perceived value and perceived competitiveness. Furthermore, perceived scarcity significantly affected consumers' micro signals, such as their perceived anxiety and perceived uncertainty. In combination, perceived value, perceived competitiveness, perceived anxiety and perceived uncertainty significantly and positively influenced consumers' panic-buying behaviours. Trust in the government also played a significant role by regulating consumers' micro signals and macro signals. The originality of this paper lies in its in-depth exploration of the multiple impacts of scarcity on consumer perceptions and it reveals the reasons for panic-buying behaviours. In doing so, it provides practical guidelines and understanding for consumers, businesses and the government.</p> </abstract>

Impact of COVID-19 in Malaysia Economy from Perspectives of Demand, Supply and Games Theory

The COVID-19 also known as coronavirus pandemic, is an ongoing pandemic caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). As latest update, 13th December 2022, 650 million cases have been reported worldwide, with nearly 6.65 million deaths recorded so far. It is expected the cases will be increased in the future. With pandemic COVID-19 still ongoing, the cases keep increasing, it has affected economies globally, including Malaysia. In Malaysia, from microeconomics perspective, COVID-19 has led to a surge in demand for healthcare particularly face masks. Tremendous demand for face masks leads to government-imposed price control, which government enforced price ceiling for face masks. Furthermore, panic buying in Malaysia is led to disruption in demand and supply distribution systems. This kind of behaviour related to game of theory in microeconomics point of view that indirectly contribute to disruption in demand and supply, which leads to bullwhip effect in Malaysia.

Social media users' perspectives on the supply chain: positivity amongst negativity during COVID-19 panic buying in Australia

Social media users' perspectives on the supply chain: positivity amongst negativity during COVID-19 panic buying in Australia

Social media users' perspectives on the supply chain: positivity amongst negativity during COVID-19 panic buying in Australia

Social media users' perspectives on the supply chain: positivity amongst negativity during COVID-19 panic buying in Australia

Influence Covid-19 Disinformation Against Panic- Buying Attitudes in Family Whatsapp Groups

This study aims to determine how much influence the distribution of disinformation in the family whatsapp group has on the panic buying attitude of middle-aged housewives in South Jakarta. With the rise of panic buying actions that occurred during the period leading up to the strict PSBB period in April 2020, researchers wanted to see if there was an influence on the use of social media, especially WhatsApp, which had increased since this pandemic happened. The method used in this research is quantitative with explanatory type. Information Integration Theory from Martin Fishbein is the theory chosen by the researcher in this research. The sample in this study amounted to 204 middle-aged housewives living in South Jakarta, which were divided based on the proportion per district using a purposive sampling technique. The results of this study found a very strong relationship and influence between the distribution of disinformation in the family whatsapp group and the panic buying attitude of middle-aged housewives in South Jakarta. The dimensions of the theory used by researchers, namely the valence and weight of information on disinformation messages were found to have a strong relationship and influence with the panic buying attitude of middle-aged housewives in South Jakarta. The government and the public often pay more attention to the spread of disinformation messages to prevent emotional contagion that leads to panic buying in South Jakarta. The dimensions of the theory used by researchers, namely the valence and weight of information on disinformation messages were found to have a strong relationship and influence with the panic buying attitude of middle-aged housewives in South Jakarta. The government and the public often pay more attention to the spread of disinformation messages to prevent emotional contagion that leads to panic buying in South Jakarta. The dimensions of the theory used by researchers, namely the valence and weight of information on disinformation messages were found to have a strong relationship and influence with the panic buying attitude of middle-aged housewives in South Jakarta. The government and the public often pay more attention to the spread of disinformation messages to prevent emotional contagion that leads to panic buying in South Jakarta.