Research Paper on Evidence from New Zealand of Panic Buying and Consumption Displacement During COVID-19

Description

Title: Evidence from New Zealand of Panic Buying and Consumption Displacement During COVID-19

Abstract: During the COVID-19 pandemic, there has been a lot of discussion about the consumption displacement caused by crisis- and disaster-related hoarding and panic buying. In order to adjust crisis response strategies and better understand disaster management, including preparedness and response strategies, government, disaster managers, the retail sector, and policy makers need to understand such purchasing and stockpiling behavior. Using information from the greater Christchurch region of New Zealand, this study examines consumer purchasing behavior, retail spending, and transactional data for various retail sectors between January 2017 and December 2020. When panic buying over COVID-19 started, overall spending shot up in anticipation of lockdowns. Transactional spending grew and decreased only gradually, reaching a level higher than before the lockdown. Although daily spending levels were comparable to such consumption events, the scale of the panic buying event far exceeded historical seasonal patterns of consumer spending outside of Christmas, Easter, and Black Friday. The study’s findings emphasize the significance of comparing so-called panic buying to other events in terms of purchasing motivations and also taking into account the possibility that it may increase personal and household resilience. Sales volume alone is insufficient to define panic buying. Instead, a much more accurate indicator of panic buying is the degree of deviation from the average daily spending per retail transaction of a given population.

Keywords: panic-buying; displacement; stockpiling; COVID-19; retail spending

Paper Quality: SCOPUS / Web of Science Level Research Paper

Subject: Economics

Writer Experience: 20+ Years

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