Understanding Consumer Stockpiling during the COVID-19 Outbreak through the Theory of Planned Behavior

Abstract

We use the theory of planned behavior (TPB) to investigate determinants of stockpiling behavior during the COVID-19 lockdown. We analyzed 518 responses to an online survey and used Partial Least Squares Path Modeling (PLS-PM) techniques to estimate relationships between variables. Negative attitude (perceived barriers) and others’ behavior (descriptive social norms) were revealed as significant predictors for both intention to over-purchase and the actual stockpiling behavior. The lack of significance obtained for perceived behavioral control (PBC) is also an important result, strengthening the evidence that factors’ contribution to TPB’s predictive power is strongly context-dependent, respectively that PBC is less relevant in settings dominated by uncertainty. The lack of significance is especially compelling when stockpiling behavior is regarded as deviant conduct from effective consumption. Our findings expand the understanding on the applicability of TPB and offer informed practical suggestions for improving managerial strategies, public and private ones, during extreme events when self-regulation and cognitive control are expedient but hard to achieve.

Keywords

• theory of planned behavior
• stockpiling behavior
• panic buying
• self-regulation
• perceived product scarcity
• COVID-19