Relevant, or irrelevant, external factors in panic buying

ABSTRACT

In view of panic buying prevalence across countries during the COVID 19 pandemic, this study explores the external factors that may influence consumer engagement or disengagement with this buying behaviour and how they are related. Two studies were undertaken to achieve this research aim. The first was to explore these factors through a scale development processes. Three factors were revealed including (1) intervention and support from the government to combat and manage the pandemic, (2) intervention and support from businesses to prevent stockpiling or panic buying, and (3) influence of different categories of social groups, namely, family and relatives, peers and friends, acquaintance and non-acquainted social-media group. The second study collected data from five countries (Australia, India, China, Vietnam and Indonesia) to understand the relationship between these factors and panic buying engagement or disengagement. The rationale for the country choices has been provided in this manuscript. The results show that interventions and support from government and businesses influenced panic buying engagement, whereas social groups did not. Implications of these findings are highlighted for the relevant stakeholders. © 2021 Elsevier Ltd