Panic Purchase Behavior: Examining the Influences of Fear, Perceived Scarcity and Social Influence

Panic purchase occurs when buyers quickly acquire products due to perceived dangers or crises, such as natural catastrophes, economic instability, pandemics, or reports of impending shortages. Psychological variables, such as fear, anxiety, and the desire for control, compel individuals to hoard both essential and non-essential goods as coping strategies. This study addresses the impact of fear and social influence on panic purchasing behavior and analyzes the mediator of perceived scarcity in these dynamics. Based on the S-O-R model paradigm, we administered questionnaires through a systematic sample strategy to customers who participated in panic purchasing during crises. Data from 273 respondents were examined using PLS-SEM. The findings indicate that fear substantially affects panic purchase behavior, succeeded by social influence; however, perceived scarcity does not regulate the interactions among fear, social influence, and panic purchasing behavior. These findings indicate that governments and policymakers must examine the influence of media and communication on the intensification or alleviation of panic purchasing habits. The report also emphasizes tactics merchants and marketers can implement to mitigate and avert panic purchase incidents. Comprehending these dynamics is essential for formulating effective solutions to sustain market stability and guarantee fair access to resources during crises.