Antecedents of panic buying behavior during the COVID-19 pandemic

Abstract

The new Coronavirus disease (COVID-19) pandemic triggers panic buying behavior among consumers in several countries. Previous research on panic buying behavior is less likely to look at the phenomenon from the perspective of consumers (demand-side). Therefore, this study aims to examine the influence of media credibility and social contagion on panic buying behavior and the mediating effect of consumer anxiety in the relationship between media credibility, social contagion and panic buying behavior. Data was collected from young and adult consumers in Greater Jakarta, Indonesia using convenience sampling techniques. Three hundred and fifty responses were collected through an online survey. The hypotheses were tested using structural equation models that could simultaneously analyze the effects of variables in the complex model. The results indicate that media credibility does not have a significant effect on consumer anxiety and panic buying. On the other hand, social contagion has a direct and indirect influence on consumer anxiety. Likewise, consumer anxiety mediates the relationship between social contagion and panic buying behavior. The findings from this research can be used by manufacturers and retailers to maintain goods availability during the pandemic, and the government as a basis for economic decision making. This research also contributes to development of the academic literature related to consumer behavior during a pandemic.