Panic in the Aisle:
Emotional and Cognitive Factors Underlying Panic Buying during the COVID-19 Pandemic.
A qualitative research project
Objective
To explore cognitive and emotional factors that affect the inclination for a consumer to undertake panic buying.
Panic buying refers to a phenomenon in which consumers buy unusually large quantities of goods because they anticipate a crisis or crisis-caused price increase or shortage.
Methods & Analysis
Method: semi-structured in-depth interview [check interview protocol]
Sample: 8 adult individuals locating in four different US cities/states with a varying level of severity in the pandemic
Analysis: thematic analysis [check thematic coding scheme and sample coding]
Key Insights & Policy Implications
Cognitive
While the literature suggests that the perceived future scarcity of supplies motivates consumers to engage in panic buying, the primary driver for the increase in purchase volume during COVID-19 is a safety concern—specifically, the aim to reduce shopping trips and minimize interpersonal contact with strangers.
Other cognitive factors influencing the severity of individual panic buying: the local severity of the pandemic, the availability of grocery pickup services, the household size, the criticality of the product, and the capability of planning .
Emotional
Panic buying potentially serves as a NOVAL form of compensatory consumption for individuals, helping them cope with negative emotions and stressors caused by the pandemic.
WHAT TO DO?
Offer adequate emotional support and disseminate effective coping strategies to assist individuals in navigating the uncertainties and challenges arising from future civil crises.