Panic buying behavior of consumers in Ho Chi Minh City during the Covid-19 pandemic

Abstract

The study aims to determine and measure the influence of factors affecting the psychology and panic buying behavior of consumers in Ho Chi Minh City during the Covid-19 pandemic. During the research process, the team used quantitative research methods to design a scale and propose a theoretical research model linking the determinants of panic buying behavior, from that the analysis of their interrelationships. Data was collected from consumers in Ho Chi Minh City during the Covid-19 pandemic outbreak in August 2021 using an online survey method. The obtained results indicate that the influence of components in the health belief model on panic buying behavior is because consumers perceive the scarcity of goods. That leads to an indirect effect on panic buying behavior through anticipated regret. This paper expands the current theory of panic buying behavior and offers possible solutions that policymakers and stakeholders can apply to tackle panic buying in the future.