The panic buying behavior of consumers during the COVID-19 pandemic: Examining the influences of uncertainty, perceptions of severity, perceptions of scarcity, and anxiety

The lack of a vaccine for COVID-19 and the limited amount of reliable data on the cessation of the disease have made people feel more vulnerable to the disease. As a result, people in many countries have been found to engage in panic purchasing, which has adversely affected the supply system for the retail market. Applying behavioral inhibition system theory, reactance theory, and expectancy theory, this research examines how psychological factors such as uncertainty, perceptions of severity, perceptions of scarcity, and anxiety affected the panic purchasing behavior of consumers. This study was conducted in Malaysia in light of the 2020 outbreak of the COVID-19 pandemic. The results from structural equation modeling indicate that uncertainty, and perceptions of scarcity are positively associated with anxiety but not with the panic purchasing behavior of consumers. In addition, anxiety fully mediates the relationship among these variables and the panic purchasing behavior of consumers. Taken together, these findings provide support for doing more empirical research in order to develop a more resilient retail strategy and to improve consumer service.