Save for Safe: Effect of COVID-19 Pandemic on Consumers' Saving and Spending Behavior in China.

In public health emergencies, people are more willing to save money rather than spending it, which is not conductive to economic development and recovery. Due to the absence of relevant research, the internal logic of this phenomenon is not clear. In the context of the COVID-19 pandemic, this study systematically explored whether and why public health emergencies stimulate consumers' preference for saving (vs. spending). We conducted two online surveys and used methods including stepwise regression analysis and bootstrapping to test the hypotheses. The first survey, with 1,511 participants from China in February 2020, indicates that the severity of emergencies has a significant positive impact on the populations' willingness to save (vs. spend). Risk perception plays a mediating role between the severity of emergencies and consumers' saving (vs. spending) willingness. Materialism plays a moderating role between risk perception and an individual's saving (vs. spending) willingness, individuals who are more materialistic have a lower saving (vs. spending) willingness when they perceive the risks of the pandemic. To verify the duration of the above effects, we conducted a follow-up survey consisted of 466 instances in August 2020. It is noteworthy that the above effects are not significant during the post-pandemic period. Thus, spending behavior in public health emergencies can be motived by reducing risk perception and increasing materialism. These findings can provide a valuable inspiration for public health, crisis management, and economic recovery during public health emergencies.

The Impact of COVID-19 and Public Health Emergencies on Consumer Purchase of Scarce Products in China.

Objectives: During public health emergencies, people often scramble to buy scarce goods, which may lead to panic behavior and cause serious negative impacts on public health management. Due to the absence of relevant research, the internal logic of this phenomenon is not clear. This study explored whether and why public health emergencies such as the COVID-19 pandemic stimulate consumers' preference for scarce products. Methods: Applying the questionnaire survey method, two online surveys were conducted on the Credamo data platform in China. The first survey was launched in February and collected psychological and behavioral data from 1,548 participants. Considering the likelihood of population relocation due to the pandemic, a follow-up survey was conducted in August with 463 participants who had participated in the first survey and had not relocated to other cities between February and August. The hypotheses were tested with these data through stepwise regression analysis, bootstrapping, and robustness testing. Results: Pandemic severity was found to positively affect scarce consumption behavior and the effect was found to be situational; this indicates that the impact of the pandemic on scarce consumption was only significant during the pandemic. Further, it was found that materialism plays a mediating role in the relationship between pandemic severity and scarce consumption. Finally, the need to belong was found to play a moderating role between pandemic severity and materialism. Conclusion: This study findings imply that the scarce consumption behavior during public health emergencies can be reduced by decreasing materialism and increasing the need to belong. These findings may aid government leaders in managing public health emergencies.

Will Buying Follow Others Ease Their Threat of Death? An Analysis of Consumer Data during the Period of COVID-19 in China.

How to overcome informational conformity consumer behavior when faced with threats of death is a social problem in response to COVID-19. This research is based on the terror management theory, the need to belong theory and the materialism theory. It uses a theoretical model to determine the relationships between threats of death and informational conformity consumer behavior. From 1453 samples collected during outbreak of COVID-19 in China, we used a structural equation model to test multiple research hypotheses. The result shows that threats of death are positively associated with a need to belong, materialism and informational conformity consumer behavior. The need to belong and materialism can play a mediating role between threats of death and information conformity consumption behavior, and perceived social support can play a moderating role between threats of death and information conformity consumption behavior.