Exploring the factors that drive people to panic buy during times of uncertainty and crisis
Fear can cause people to behave irrationally in times of uncertainty. During the pandemic, this took the form of panic buying as people flocked to stores to stock up on essential goods. Some even sought to profit off of shortages by price gouging toilet paper and hand sanitizer. This phenomenon wasn’t just limited to a few countries or communities, either; it was a global occurrence that emptied supermarket shelves and caused significant disruptions in supply chains.
But what drives people to behave in such ways during times of crisis? Is it a basic survival instinct, a herd mentality influenced by social pressures or something more complex? During the onset of the pandemic, we conducted a study aimed at understanding the complex web of factors that compel us to act or overreact in the face of uncertainty. Psychological traits of consumers We examined the following factors in our study: narcissism, psychological entitlement, status consumption, fear of embarrassment, and fear of missing ou
Panic Buying Crisis Uncertainty Psychology Fear Consumer Behavior
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