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. Key Points What is already known about this topic: Lockdowns to curb the spread of COVID-19 prompted substantial increases in consumer purchasing behaviour, labelled panic buying. Prior research had identified a range of individual difference factors as being associated with panic buying, including intolerance of uncertainty and distress intolerance. Identification of modifiable psychological processes, which are associated with the behaviour, is needed to inform public messaging aimed at curbing the behaviour. What this topic adds: The study provides information from a large national sample of Australians who regularly purchase groceries. Our results suggest that potentially modifiable social cognition factors were most closely associated with increases in consumer purchasing behaviour when COVID-19 lockdowns were announced. Public messaging should target attitudes, subjective norms, and risk perceptions regarding increased purchasing behaviour and future research should evaluate the effect of such messaging.