The Impact of Scarcity on Panic Buying in COVID-19: A Chained Mediation Model

Abstract: [Objective] The purpose of this study was to investigate the effect of scarcity on panic buying as well as the uderlying psychological path and its boundary. [Methods] Study 1 explored the impact of scarcity through objective indicators using bigdata.Study 2 implemented a nationwide online survey with high ecological validity during the outbreak period. Study 3 conducted three experiments by priming scarcity in different public emergencies. [Results] Scarcity intensified panic buying (study1-3), and the sense of control and panic serially mediated this strengthening effect (study 2-3). However, this serial mediation effect was only supported in the emergent public crisis with high-risk (study 3a, 3C), but was not supported in the emergent public crisis with lower-risk (study 3b). [Limitations] The chained mediation model between sense of control and panic cannot explain the psychological mechanism of scarcity caused by panic buying in the emergent public crisis with low risk perception. Future research needed continue to explore. More objective indicators of scarcity and panic buying are worthy of further investigation. [Conclusions] In the high-risk emergent public crisis, scarcity aggravates panic buying through reducing the sense of control and then increasing panic. "