Consumer food stockpiling behavior and willingness to pay for food reserves in COVID-19

Abstract

AbstractConsumer behavior changes differently in emergencies. Understanding consumer food stockpiling behavior during COVID-19 pandemic can provide critical information for governments and policymakers to adjust inventory and response strategies. This paper analyzed consumer food stockpiling behavior, including the change of food reserve scale and willingness to pay for fresh food reserves in COVID-19. Our paper shows that the scale of food reserve extends from 3.37 to 7.37 days after the outbreak of COVID-19; if available, consumers on average are willing to pay 18.14 yuan (60.47%) premium for fresh products reserves. The result shows that food stockpiling behavior is fueled by a set of multiple motivations and subjective risk perception. Female, high education level and high-income consumers were more likely to reserve larger scale food reserves, but consumers’ willingness to pay for fresh food reserves is determined by income. This study was conducted when new infection cases continued to rise in the world. The story of food stockpiling during the COVID-19 pandemic in China is similar with the rest of world. Consumer stockpiling behavior in China can also be expanded to other countries to predict the change of food demand and understand more about consumer preferences in emergencies.