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IMAGE: Proposed model of factors influencing over-purchasing during a crisis. Variables measured in the present study in italics. view more
Credit: Bentall et al, PLOS ONE (CC BY 4.0 https://creativecommons.org/licenses/by/4.0/)
Drawing on animal-foraging theory, a new model predicts psychological factors that may lead to panic buying during times of crisis. The model is largely supported by real-world data from the COVID-19 pandemic. Richard Bentall of the University of Sheffield, England, and colleagues presented these findings in the open-access journal
PLOS ONE on January 27.
In the early stages of the pandemic, consumers in several countries around the world engaged in panic buying of household items, causing temporary shortages of toilet rolls and other products. Such behavior is typical during times of crisis, but few studies have examined the psychology of crisis-driven over-purchasing.