Model Driven Causal Factors of Panic Buying and Their Implications for Prevention: A Systematic Review

Abstract

Panic buying is a commonly observed response to disasters, and has been widely observed during the COVID-19 pandemic. However, little is known about the variables influencing this behavior. This review summarizes the existing research in this field and examines its implications for the prevention and control of panic buying. Methodology: All papers published prior to or during the pandemic, providing an empirically tested model of panic buying behavior (Group A) or a theoretical model supported by literature (Group B), were retrieved through a literature search. For papers in Group A, specific risk or protective factors were extracted and tabulated. Overlaps between Group A and Group B models were identified. Study results were analyzed to identify potential strategies which could limit panic buying behavior. Results: It was found that a wide variety of primary (crisis/disease-related), secondary (psychological, informational and sociopolitical), and tertiary (supply chain-related) factors were significantly associated with panic buying, while a single variable–reflective functioning was identified as protective. Conclusions: These results provide valuable leads for strategies aimed at preventing or reducing panic buying, particularly in countries still affected by the pandemic. It is hoped that these findings will be useful from both health administration and academic perspectives.

Keywords

• COVID-19
• panic buying
• hoarding
• anxiety
• stress
• social learning