A side effect of lockdowns to reduce the spread of COVID-19 has been a sharp increase in consumer purchasing behaviour, labelled panic buying by the media. Panic buying has detrimental consequences as it leads to product shortages, which affects the most vulnerable, and frontline workers, who have less opportunities to stock up. It also disrupts supply chains, forcing retailers to adopt quotas and price increases. Developing an understanding of the psychological correlates of panic buying can help to identify targets for public messaging aimed at curbing the behaviour.
Applying social-cognitive and dual-processing models of human behaviour, the study aimed to identify the psychological and individual difference factors associated with increased purchasing of a) non-perishable, b) cleaning, and c) personal hygiene products during COVID-19 lockdowns in Australia.
The study used a cross-sectional design, recruiting 790 participants across Australia during April 2020. Measures included demographics, social cognition and individual difference factors, and purchasing behaviour.
Structural equation models revealed that 1) attitudes, subjective norms and risk perceptions predicted increased purchasing of non-perishable food items; 2) attitudes, risk perceptions, social anxiety sensitivity, and the non-impulsivity facet of trait self-control predicted increased purchasing of hygiene products; and 3) attitudes and risk perceptions predicted increased purchasing of cleaning products.
The findings provide an understanding of the social cognition and individual difference factors that are associated with panic buying during COVID-19 lockdowns. Future studies should investigate whether messages designed to influence risk perceptions, attitudes, and subjective norms are effective in curbing panic buying behaviour during future lockdowns.