Understanding Panic Buying During COVID-19: How Fear and Perceived Socioeconomic Consequences Shape Consumer Behavior

Abstract

This study examines the psychological and socioeconomic mechanisms underlying panic buying behavior during the COVID-19 pandemic. Data from 300 Istanbul residents were collected through an online survey and analyzed using structural equation modeling (SEM). Results show that fear of COVID-19 significantly increased perceived socioeconomic consequences and panic buying, while socioeconomic consequencesemerged as the strongest predictor of panic buying and partially mediated the relationship between fear and this behavior. In contrast, compulsive checking and anti-vaccine attitudes showed no significant effects on panic buying. The model explained 53.9%of thevariancein panic buying. The findings suggest that panic buying is not merely an emotional reaction to fear but a cognitively mediated response to anticipated scarcity and economic uncertainty. This perspective extends the understanding of crisis consumer behavior beyond pandemic settings to contexts such as inflation, supply chain disruptions, and other situations involving economic threat and supply uncertainty. The study highlights the importance of transparent supply-chain communication and economic reassurance strategies for governments and retailers during periods of crisis.