The covid-19 pandemic, panic buying: Evidence in Ho Chi Minh city

Abstract

Panic buying is a typical consumer behavior during a crisis, especially in the complicated global situation of the Covid-19 pandemic. The study presented some definitions and theories of foreign authors about panic buying and influencing factors. Then, the authors considered the appropriate elements to build research models and hypotheses. In particular, the main goal of the research is to determine the factors affecting the panic buying of consumers during the Covid-19 pandemic in Ho Chi Minh City. This study uses mixed methods, including qualitative and quantitative research methods. The object of the study is the affected consumers of the Covid-19 epidemic and panic buying in Ho Chi Minh City. Research results were determined by focus group interviews. Some statements in observed variables were adjusted according to respondents' comments to suit the context of the Covid-19 pandemic in Ho Chi Minh City. The study collected 338 satisfactory answers through an online survey. The methods of processing the collected data include system description, testing Cronbach's Alpha, EFA analysis, CFA analysis, and Structural Equation Modeling (SEM) to check the suitability of the scale as well as the research model. Shows the results obtained from the study: (1) Cues to action and Perceived severity positively affect Perceived scarcity, (2) Perceived susceptibility, Perceived severity and Perceived scarcity positively affect Anxiety, (3) Perceived scarcity and Anxiety positively affect Panic buying. The findings from the research project on panic buying have particular implications for manufacturers, dealers, wholesalers, retailers, and consumers in Ho Chi Minh City and the government of Vietnam. The results obtained from this study also contribute to the development of academic literature related to consumer behavior during the epidemic period, which is the basis for proposing management implications and a premise for future directions for the subsequent research.