Panic Buying Behavior during Pandemic: Protection Motivation Theory Paradigm

Abstract

The COVID-19 pandemic has currently taken over the public's attention. Due to the pandemic, the situation had become uncontrollable which caused people to react with an act of self-protection. This resulted in the escalating level of panic buying by many people from around the globe. Drawing on the Protection Motivation Theory, this research developed an analytical model to analyze the key points behind the phenomenon of panic buying. Afterwards, the data was collected from 126 respondents who live in Indonesia through a survey questionnaire via Google Form. Through independent sample t-test and linear regression, the collected data was then being analyzed to verify the proposed model. The result reveals that the Protection Motivation Theory was a significant framework that influences this phenomenon. Threats of "perceived scarcity" during the pandemic were coped using the "outcome expectation" which led to the intention of "panic buying behavior". Results and discussion from this paper are given to give new insights to assemble potential solutions and measures which can be applicable to control panic buying in the following health crisis.