Panic buying during COVID-19: Survival psychology and needs perspectives in deprived environments

Abstract

Panic buying (PB), a typical consumer behaviour induced by crisis, was observed worldwide in the face of COVID-19 pandemic. Drawing on Survival Psychology and Maslow's motivation theories, this study introduced a theoretical model to establish the factors affecting consumers' PB and investigate their interrelationships. An online survey was designed and administered to 508 respondents in Singapore. Then, structural equation modelling was implemented to study the survey data. The results indicated that the effects of several constructs namely, normative social influence, observational learning, perceived severity, and perceived scarcity, with mediation by control, impose significant influence on consumers' PB. Analysis of total effects showed that normative social influence has the strongest effect on PB. This is followed by perceived scarcity, control, social trust, observational learning, and perceived severity. Two diverse research paradigms centring on Survival Psychology and Maslow's motivation theories were integrated to offer a logical explanation of the motivation driving PB. By utilising a theory-driven approach, the current study has offered a unique approach to interpreting consumers' PB. Overall, this study enhances current research on consumers' PB, offers new insights into understanding the motivating factors behind consumers' PB, and implicates policies on tackling hoarding situations in the event of crisis such as the COVID-19 pandemic.

Keywords: COVID-19; Causes; Maslow's hierarchy of needs; Panic buying; Survival psychology.