Psychological underpinning of panic buying during pandemic (COVID-19).
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ABSTRACT:
SUBMITTER: Arafat SMY
PROVIDER: S-EPMC7202808 | biostudies-literature | 2020 Jul
REPOSITORIES: biostudies-literature
Publications
Psychological underpinning of panic buying during pandemic (COVID-19).
Arafat S M Yasir SMY Kar Sujita Kumar SK Marthoenis Marthoenis M Sharma Pawan P Hoque Apu Ehsanul E Kabir Russell R
Psychiatry research 20200506
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Project description:In times of heightened uncertainty, consumers face incentives to build up precautionary stocks of essential supplies. We study consumer spending dynamics during one such time, the first infection wave of the COVID-19 pandemic, using household scanner data covering fast-moving consumer goods in the United Kingdom. We document large increases in demand for storable products, such as food staples and household supplies, in the days before lockdown. Households in all socio-economic groups exhibit unusually high demand pre-lockdown, but there is a clear gradient, with the largest demand spikes for wealthier households. Although stories of people purchasing extreme amounts received a lot of attention, higher aggregate demand was mainly driven by more households than usual choosing to buy storable products, with only small increases in average quantities bought on a given trip. Temporary limits on the number of units per transaction, introduced following the demand spike, are therefore unlikely to lead to the avoidance of stock-outs.
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Project description:BackgroundPanic buying is an emerging phenomenon observed during, but not restricted to, pandemic.AimWe aimed to evaluate the nature, extent, and impact of panic buying as reported in the media.MethodsThis study was conducted by collecting the information from the English media reports published till 22nd May 2020. A structured format was developed to collect data. Searching was done by using the keyword "panic buying". We have excluded the social media posts discussing the panic buying.ResultsThe majority of media reporting was from the USA (40.7 %), and about 46 % of reports highlighted the scarce item. Approximately 82 % of the reports presented the causes of panic buying whereas almost 80 % report covered the impact of it. About 25.7 % of reports highlighted the rumor about panic buying and only 9.3 % of reports blamed the government. Only 27.1 % reports described the remedial measures, 30.8 % reports conferred the news on the psychology behind panic buying and 67.3 % news displayed the images of empty shelves.ConclusionA high proportion of reports on panic buying have been found from the developed countries discussing the causes & impact of panic buying on the basis of expert opinion.
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Project description:There is inadequate understanding of how social media can shape fear and consumer responses in the manner of consumer panic buying while Covid-19 is spreading across the world. Through taking a social constructionism position this research focused on what people think and feel at an individual and collective level on the role of social media to create panic behaviour. Data have been collected from thirty-four consumers who have minimum one active social media account. These participants are contacted through telephonic interview due to maintaining the social distancing. Findings reveal that uncertainties and insecurities proof, buying as persuasion, product unavailability proof, authorities' communication, global logic, and expert opinion are some of the causes on social media platforms that developed the situation of consumer panic buying during Covid-19 crises. Furthermore, the unprecedented level of real-time information on Covid-19 at users' fingertips can give them the tools they need to make smart decisions, but also make them more anxious about what is to come; experts say that may lead to panic buying or stockpiling of products. The study has tried to develop understanding about how social media generates social proof and offers a window into people's collective response to the coronavirus outbreak and shapes panic buying reaction. The study has provided a consumer panic buying theory based on the results of this study and on existing theories, such as global capitalism/information society risk society, social influence, and social proof. These theories help to understand how global logic is built due to the use of social media and how different social proofs are generated which developed the behaviour of consumer panic buying due to Covid-19 pandemic.
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Project description:The over-purchasing and hoarding of necessities is a common response to crises, especially in developed economies where there is normally an expectation of plentiful supply. This behaviour was observed internationally during the early stages of the Covid-19 pandemic. In the absence of actual scarcity, this behaviour can be described as 'panic buying' and can lead to temporary shortages. However, there have been few psychological studies of this phenomenon. Here we propose a psychological model of over-purchasing informed by animal foraging theory and make predictions about variables that predict over-purchasing by either exacerbating or mitigating the anticipation of future scarcity. These variables include additional scarcity cues (e.g. loss of income), distress (e.g. depression), psychological factors that draw attention to these cues (e.g. neuroticism) or to reassuring messages (eg. analytical reasoning) or which facilitate over-purchasing (e.g. income). We tested our model in parallel nationally representative internet surveys of the adult general population conducted in the United Kingdom (UK: N = 2025) and the Republic of Ireland (RoI: N = 1041) 52 and 31 days after the first confirmed cases of COVID-19 were detected in the UK and RoI, respectively. About three quarters of participants reported minimal over-purchasing. There was more over-purchasing in RoI vs UK and in urban vs rural areas. When over-purchasing occurred, in both countries it was observed across a wide range of product categories and was accounted for by a single latent factor. It was positively predicted by household income, the presence of children at home, psychological distress (depression, death anxiety), threat sensitivity (right wing authoritarianism) and mistrust of others (paranoia). Analytic reasoning ability had an inhibitory effect. Predictor variables accounted for 36% and 34% of the variance in over-purchasing in the UK and RoI respectively. With some caveats, the data supported our model and points to strategies to mitigate over-purchasing in future crises.
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Project description:Data are essential for digital solutions and supporting citizens' everyday behavior. Open data initiatives have expanded worldwide in the last decades, yet investigating the actual usage of open data and evaluating their impacts are insufficient. Thus, in this paper, we examine an exemplary use case of open data during the early stage of the Covid-19 pandemic and assess its impacts on citizens. Based on quasi-experimental methods, the study found that publishing local stores' real-time face mask stock levels as open data may have influenced people's purchase behaviors. Results indicate a reduced panic buying behavior as a consequence of the openly accessible information in the form of an online mask map. Furthermore, the results also suggested that such open-data-based countermeasures did not equally impact every citizen and rather varied among socioeconomic conditions, in particular the education level.
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Project description: Not available
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Project description:We analyze the timing, magnitude, and income dependence of pharmaceutical panic buying around the outbreak of the COVID-19 pandemic in Hungary. We use district-level monthly and daily administrative data on detailed categories of pharmaceutical purchases, merge them to income statistics, and estimate multilevel panel models. Our main results are as follows. First, the days of therapy (DOT) of pharmaceutical purchases increased by more than 30% in March 2020, when major lockdown measures were announced. This pattern holds for almost all categories of pharmaceuticals. Second, shortly after the panic reactions, the aggregate amount of pharmaceutical purchases returned to their preshock levels; however, the frequency of pharmacy visits decreased. Third, the panic buying reaction was significantly stronger in richer geographical areas, where-according to the daily data-people also reacted earlier to the pandemic-related news. Overall, the results suggest that panic buying of pharmaceuticals can have detrimental effects on vulnerable populations.
| S-EPMC8420393 | biostudies-literature
Project description:Shopping behaviour in response to extreme events is often characterized as "panic buying" which connotes irrationality and loss of control. However, "panic buying" has been criticized for attributing shopping behaviour to people's alleged psychological frailty while ignoring other psychological and structural factors that might be at play. We report a qualitative exploration of the experiences and understandings of shopping behaviour of members of the public at the onset of the COVID-19 pandemic. Through a thematic analysis of semi-structured interviews with 23 participants, we developed three themes. The first theme addresses people's understandings of "panic buying". When participants referred to "panic buying" they meant observed product shortages (rather than the underlying psychological processes that can lead to such behaviours), preparedness behaviours, or emotions such as fear and worry. The second theme focuses on the influence of the media and other people's behaviour in shaping subsequent shopping behaviours. The third theme addresses the meaningful motivations behind increased shopping, which participants described in terms of preparedness; some participants reported increased shopping behaviours as a response to other people stockpiling, to reduce their trips to supermarkets, or to prepare for product shortages and longer stays at home. Overall, despite frequently using the term 'panic', the irrationalist connotations of "panic buying" were largely absent from participants' accounts. Thus, "panic buying" is not a useful concept and should not be used as it constructs expected responses to threat as irrational or pathological. It can also facilitate such behaviours, creating a self-fulfilling prophecy.
| S-EPMC8880905 | biostudies-literature
Project description:The present research investigated a backfiring effect of social interaction on well-being and general confidence in Western populations during the COVID-19 pandemic. Across two studies, we observed that stronger self-other connectedness and frequent social communication with others during the first few weeks into the quarantine period were associated with worsened well-being and decreased general confidence. In Study 1 (n = 331), we showed that people who reported higher social connectedness and more frequent social interaction experienced declined well-being. In Study 2 (n = 327), we replicated the backfiring effect and showed that those who engaged in frequent social interaction, especially in COVID-19 related conversations, reported decreased general confidence, which mediated the accelerating effect of social interaction on panic buying. Overall, our findings indicated that frequent social interaction under a highly novel and uncertain crisis can relate to negative consequences on mental health and behavior.
| S-EPMC8357996 | biostudies-literature
Project description:We develop an econometric model of consumer panic (or panic buying) during the COVID-19 pandemic. Using Google search data on relevant keywords, we construct a daily index of consumer panic for 54 countries from January 1st to April 30th 2020. We also assemble data on government policy announcements and daily COVID-19 cases for all countries. Our panic index reveals widespread consumer panic in most countries, primarily during March, but with significant variation in the timing and severity of panic between countries. Our model implies that both domestic and world virus transmission contribute significantly to consumer panic. But government policy is also important: Internal movement restrictions - whether announced by domestic or foreign governments - generate substantial short run panic that largely vanishes in a week to ten days. Internal movement restrictions announced early in the pandemic generated more panic than those announced later. Stimulus announcements had smaller impacts, and travel restrictions do not appear to generate consumer panic.
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