Is it time to stock up? Understanding panic buying during the COVID-19 pandemic

Abstract

Background: Lockdowns to reduce the spread of COVID-19 have triggered sharp increases in consumer purchasing behaviour, labelled panic buying. Panic buying has detrimental consequences as it leads to product shortages and disrupts supply chains, forcing retailers to adopt quotas to manage demand. Developing an understanding of the psychological correlates of panic buying can provide targets for public messaging aimed at curbing the behaviour. Objective: The study aimed to identify the psychological, individual difference, and demographic factors associated with increased purchasing of non-perishable, cleaning, and hygiene products during COVID-19 lockdowns in Australia. Methods: The study used a cross-sectional design (N = 790) with online survey measures administered to community members in Australia during April and May 2020. Data were analysed using structural equation modelling. Results: Structural equation models revealed that 1) attitudes, subjective norms, and risk perceptions predicted increased purchasing of non-perishable products; 2) attitudes, risk perceptions, social anxiety sensitivity, and the non-impulsivity facet of trait self-control predicted increased purchasing of hygiene products; and 3) attitudes and risk perceptions predicted increased purchasing of cleaning products. Conclusion: Findings provide an understanding of the factors that were associated with panic buying during COVID-19 lockdowns in Australia. Future studies should investigate whether messages designed to influence risk perceptions, attitudes, and subjective norms are effective in curbing the behaviour.