Understanding the importance and timing of panic buying among U.S. Households during the COVID-19 pandemic

The surge in panic buying during the novel Coronavirus (COVID-19) pandemic led to a temporary shortage of several staples and basic supplies in grocery stores, thus limiting the public’s access to basic needs and exacerbating stress and anxiety. The negative societal consequences of panic buying highlight the importance of understanding and planning for such behavior. This study investigates the main factors that correlate with the perceived importance and timing of panic buying decisions in the US. In doing so, we provide a breakdown of the importance of panic buying across a list of common food and non-food grocery items and show a considerable variation based on product type. We also uncover heterogeneities in the importance and timing of panic buying based on demographic and behavioral characteristics, including residence area, household size, presence of children and elderly in the household, household income, ethnicity, and specific views about COVID-19. Finally, we analyze correlations between the importance of panic buying and various motivations that are believed to underlie this behavior. Results show that the perceived importance of panic buying is most heavily associated with the need for control, belief that it is the smart thing to do, and urge to minimize number of trips to grocery stores.