Physics

Pathology

Business

Neuroscience

Perception

Disease

Action (physics)

Coronavirus disease 2019 (COVID-19)

Mathematics

Economic growth

Regret

Infectious disease (medical specialty)

Pandemic

Scarcity

Health education

Statistics

Psychiatry

Machine learning

Marketing

Artificial intelligence

Psychology

Health belief model

Health care

Economics

Risk perception

Microeconomics

Anticipation (artificial intelligence)

Computer science

Panic

Anxiety

Quantum mechanics

Structural equation modeling

Medicine

Social psychology

International Journal of Environmental Research and Public Health

The COVID-19 pandemic has seen an unmatched level of panic buying globally, a type of herd behavior whereby consumers buy an uncommonly huge amount of products because of a perception of scarcity. Drawing on the health belief model, perceived scarcity, and anticipated regret theories, this paper formulated a theoretical model that linked the determinants of panic buying and analyzed their interrelationships. Subsequently, data were collated from 508 consumers through an online survey questionnaire in Singapore that was conducted during the early stage of the pandemic, before the onset of the circuit breaker in April 2020. Next, an analysis of the results was done through structural equation modeling. It showed that the effect of the health belief model dimensions (i.e., perceived susceptibility, perceived severity, outcome expectation, cues to action, and self-efficacy) on panic buying is partially mediated by the consumers' perceived scarcity of products. Furthermore, the effect of perceived scarcity on panic buying is partially mediated by consumers' anticipation of regret. This paper expands on the current theoretical understanding of panic buying behavior, giving insights into the possible measures and solutions that policymakers and relevant stakeholders can uptake to manage panic buying in future a pandemic or health crisis.

The Determinants of Panic Buying during COVID-19