Now that everyone else has panicked, well… I have to panic: regulatory focus predicts panic buying during COVID-19

Abstract

Purpose The purpose of this paper was to identify social and behavioral factors responsible for panic buying during global pandemics such as COVID-19. Design/methodology/approach According to regulatory focus theory, behavior of individuals is regulated by two motivational systems – prevention and promotion. Prevention-focused behavior is motivated by security and safety needs and is associated with a strategic preference for vigilant means of goal pursuit. Prevention-focused vigilance is reflected in unwillingness to take risks and low ability to cope with uncertain environments and changing conditions. Promotion-focused behavior is motivated by growth and self-development needs and is associated with a strategic preference for eager means of goal pursuit. Promotion-focused eagerness is reflected in willingness to take risks and high ability to cope with uncertainty and change. Two studies tested the notion that panic buying during public health crises such as COVID-19 is related to the strength of the prevention system, perceived scarcity of products, perceived threat of the disease, age and gender. Findings Study 1 showed that the higher the perceived scarcity of products, the higher was the probability that panic buying would set in. Yet, different patterns emerged for men and women. Among women, the stronger the prevention focus, the stronger was the effect. Among men, by contrast, the stronger the prevention focus, the weaker was the effect. Study 2 showed that the higher the perceived threat of the disease, the higher was the probability that panic buying would occur. However, different patterns were observed with age. Among older adults, the stronger the prevention focus, the stronger was the effect. Among young adults, by contrast, the stronger the prevention focus, the weaker was the effect. Research limitations/implications Implications to address erratic consumer behavior during future pandemics are discussed. Originality/value By applying the theory of regulatory focus to consumer marketing, this research helps to identify marketing strategies to manage panic buying and develop contingency plans that address erratic consumer behavior during future pandemics.