Review on Panic Buying Behavior during Pandemics: Influencing Factors, Stockpiling, and Intervention Strategies

Abstract

Panic buying poses significant challenges for individuals and societies. This paper provides a literature review on the process by which a pandemic crisis evolves into panic buying behavior. The review offers a comprehensive perspective on studies related to panic buying and mitigation efforts, categorizing them based on their contributions in three stages: factors influencing panic buying, the process of transforming panic into increased demand and stockpiling, and applicable intervention strategies to mitigate panic situations. The paper introduces the Socio-Economic Framework of Panic (SEFP) to illustrate the interaction between demand and supply during a panic. The review identifies a lack of quantitative models explicitly correlating influencing factors with panic and estimating panic demand. Additionally, it reveals that suggested intervention strategies often lack practical implementation guidelines. Using the SEFP, the importance of considering interventions at various stages is highlighted, ranging from controlling influencing factors and panic demands to overseeing stockpiling and supply-related activities. The paper also identifies research gaps in both qualitative and quantitative modeling, policymaking, and governance.