What Drives People to Panic Buy During Times of Crisis: A New Study Sheds Light on the Psychology of Consumers [Op-Ed]

Date:

Share post:

Fear can cause people to behave irrationally in times of uncertainty. During the pandemic, this took the form of panic buying as people flocked to stores to stock up on essential goods. Some even sought to profit off of shortages by price gouging toilet paper and hand sanitizer.

This phenomenon wasn’t just limited to a few countries or communities, either; it was a global occurrence that emptied supermarket shelves and caused significant disruptions in supply chains.

But what drives people to behave in such ways during times of crisis? Is it a basic survival instinct, a herd mentality influenced by social pressures or something more complex?

During the onset of the pandemic, we conducted a study aimed at understanding the complex web of factors that compel us to act or overreact in the face of uncertainty.

Psychological traits of consumers

We examined the following factors in our study: narcissism, psychological entitlement, status consumption, fear of embarrassment, and fear of missing out. Narcissism is a trait characterized by a heightened sense of self-importance and a lack of empathy for others.

Psychological entitlement refers to the belief that one is inherently deserving of special treatment or privileges. Status consumption is the tendency to purchase items that confer social prestige or dominance.

Fear of embarrassment is anxiety about being negatively judged by others. Fear of missing out is the worry over missing out on rewarding experiences that others are taking part in.

Unique types of consumers

Our study identified four distinct consumer groups, each with unique psychological traits that drove their purchasing habits.

1. Egalitarians. Egalitarians displayed low levels of narcissism and psychological entitlement compared to the other groups. They tend to have a more community-oriented and balanced approach to life. They likely have a strong belief in communal responsibility and fairness. Egalitarians are the type of individuals who volunteer at local food banks or participate in community clean-up events.

In terms of purchasing, egalitarians did not hoard as much as other groups. While others might hoard hand sanitizers, for example, an egalitarian might buy just one or two bottles and leave the rest for others in the community.

People stand in an aisle of empty shelves in a supermarket in London in March 2020, amid panic-buying due to the coronavirus outbreak. (AP Photo/Kirsty Wigglesworth)

2. Conformists. Conformists are influenced by a moderate fear of missing out and a high fear of embarrassment. Conformists are the type of people who follow dress codes and rarely question authority.

When it comes to purchasing, conformists prioritized items that aligned with public health guidelines, like disposable masks. They are usually the first to buy masks in bulk when a new public health advisory is released.

3. Communal egoists. Communal egoists display moderate levels of narcissism and psychological entitlement. For example, this kind of person might organize a community event, but will insist on being the centre of attention during the event.

This group is particularly interested in food-related items like bottled water and snacks. A communal egoist might stock up on these products, not only for themselves, but with the intention of sharing with their neighbours in an effort to stand out.

4. Agentic egoists. Agentic egoists are characterized by high levels of narcissism and psychological entitlement. For example, an agentic egoist might cut in line because they believe their time is more valuable than others.

In terms of purchasing, agentic egoists are willing to spend more on items that directly benefit them. For instance, they might buy the last three bottles of an expensive, brand-name cough syrup, without considering that others might need it, too.

What this means for consumers

A significant lesson we’ve learned from the COVID-19 pandemic, and the subsequent global turmoil, is the importance of being ready for the unexpected.

If you’ve ever found yourself filling your shopping cart to the brim in a moment of panic, you’re not alone. But understanding who we are, why we make certain decisions and how we can be more considerate is the first step toward making better consumer choices.

Are you an egalitarian, thinking of the community while only buying what you need? Or perhaps you identify as a conformist, sticking strictly to items advised by health authorities? Recognizing these traits in ourselves can be a wake-up call, encouraging us to shop more responsibly, especially in times of fear and panic.

Understanding our motivations and behaviours as consumers can help us make wiser decisions. (Shutterstock)

What this means for retailers

Understanding the traits of different customer groups isn’t just about boosting profits. It’s a way to guide businesses in serving communities ethically and effectively, especially in times of crisis.

For example, if most of your customers tend to follow the crowd (conformists), consider offering reliable public health information in your stores. If your clientele leans towards fairness (egalitarians), make fair distribution of essential items a core part of your community support strategy.

If you cater to individuals who focus on their self-interest (agentic egoists), think about the long-term impact of promoting high consumption and how to encourage responsible buying. If a large portion of your customers are community-focused (communal egoists), think about setting up ongoing community-sharing programs or donation drives.

As we reflect on the challenges we’ve faced, retailers have an opportunity to plan for a future where their actions benefit not only their business, but society as a whole. Enhancing our self-awareness enables us to handle chaotic circumstances more gracefully and make decisions that are advantageous for everyone in our vicinity.

This article is republished from The Conversation under a Creative Commons license. Read the original article.

By Seung Hwan (Mark) Lee, Professor and Associate Dean of Engagement & Inclusion, Ted Rogers School of Management, Toronto Metropolitan University and Omar H. Fares, Lecturer in the Ted Rogers School of Retail Management, Toronto Metropolitan University.

1 COMMENT

  1. This analysis is too simplistic and leaves out the majority of consumers.!I probably most closely match the egalitarians but I’ve always shopped for bargains and normally have a full pantry stocked in winter because I don’t want to go outside as much when it’s cold. I hate grocery shopping. That’s why when I bought my last fridge I wanted a large freezer.

    When the pandemic arrived I had a already had a four to six month supply of toilet paper. I buy a whole year’s worth of canned maple syrup when it goes on sale, stock the freezer with a month’s worth of the bread I use for toast in the morning when I have my monthly food delivery. Needless to say I have enough pasta in the pantry to last for weeks.

    I know people even more ambitious about stocking up. They fish for pleasure in summer and winter, have big gardens and buy non-perishable items in bulk. You can spend the money you save buying fresh fruits, vegetables and baguettes right out of the oven at your local bakery.

Comments are closed.

RELATED ARTICLES

Subscribe to the Newsletter

Subscribe

* indicates required

RECENT articles

From The Desk: Retail Growth Divides and AI’s Expanding Role in Canadian Retail

Canadian retail growth splits between value and premium players as AI reshapes merchandising and real estate adapts on varying performance and consumer demand.

Toronto Fashion Label Demascaré Expands Into Ready-to-Wear as Shaun Mascarenhas Eyes Retail Growth

Toronto designer Shaun Mascarenhas is expanding Demascaré into ready-to-wear, with local production, selective retail growth and broader ambitions.

Aritzia’s Stronger Store Performance Supports Continued North American Expansion

Aritzia is reporting stronger boutique productivity and customer traffic as it expands across North America. The Vancouver-based fashion retailer plans additional U.S. openings and repositionings in Quebec and California while continuing to invest in larger stores and digital commerce.

Bento launches Nashville hot chicken sushi roll across Canada

Bento’s latest sushi product combines Nashville hot chicken with traditional roll ingredients and will be sold at participating Canadian grocery, retail and post-secondary locations.

Couche-Tard to acquire Irving Oil retail assets in Quebec, Ontario

The convenience store operator has agreed to acquire retail locations, fuel supply arrangements and cardlock sites in Quebec and Ontario, subject to regulatory approvals.

Employment falls for 2nd straight month, 68,000 jobs lost in September: Statistics Canada

The unemployment rate increased 0.1 percentage points to 6.5%.

Canadians plan to spend less this holiday season but favour domestic products: PwC

A PwC Canada survey finds 54 per cent of consumers are willing to pay more for Canadian-made goods as planned holiday spending declines 11 per cent.

Maybelline expands mental health campaign to focus on support networks (Video)

Maybelline New York’s latest Brave Together campaign highlights the role of family and friends in mental health support, building on a global program launched in 2020.

Pokémon Card Thefts Push Canadian Retailers to Rethink Store Security

Pokémon card thefts across Canada are prompting retailers to rethink security, insurance, inventory storage and how valuable products are displayed and sold.

Canadians’ confidence in direction of food system weakens: report

A Canadian Centre for Food Integrity survey finds food affordability remains Canadians' top concern as uncertainty about misinformation and artificial intelligence grows.

Montreal’s Transformer Table Reaches $145 Million in Revenue as U.S. Retail Expansion Accelerates

Montreal-founded Transformer Table is expanding its U.S. retail footprint with new microstores and a Maryland flagship as CEO Chris Wantlin discusses the company's revenue growth, retail partnerships and future expansion plans.

Daily Synopsis: October 8, 2026

Holiday spending expected to be down as consumers struggle, Newmarket Walmart closing while Kingston announced, grocery store opens in Winnipeg food desert, T&T opens 1st Ontario cafe, and other news.

Aritzia reports Q2 Fiscal 2027 financial results, net revenue up 44.1% to $1.17 billion

Net revenue in Canada increased 19.8% to $390.4 million, compared to $326.0 million in Q2 2026.

Canada’s Menswear Market Is Being Rebuilt as Retailers Invest in Premium and Luxury

Canada’s premium and luxury menswear market is attracting major investment as Harry Rosen, Holt Renfrew, Simons, independent retailers and global fashion houses expand, renovate and rethink physical retail across Canada, even after the loss of major department-store capacity.

Ralph Lauren Home Joins Maison Territo in Montréal

Maison Territo adds Ralph Lauren Home to its curated catalogue, bringing the American brand’s furniture and distinctive design aesthetic to Montréal.

Casavogue Launches Buy More, Save More Promotion in Montréal

Casavogue’s Buy More, Save More promotion offers $500 in savings for every $3,000 spent on a wide selection of furniture.

Egg Club and Serruya Private Equity Announce Joint Venture to Fuel Global Growth  

New partnership will support expansion of the Toronto-born breakfast brand across North America and international markets.

Kits Eyecare report preliminary Q3 results, substantial growth in total revenue

Total Revenue grew 21.6% year-over-year to approximately $63.7 million, accelerating from 17.8% growth in Q2 2026.

Canadian Shoppers Grow More Selective as Holiday Spending Intentions Weaken

A new Stifel survey finds Canadian consumers entering the 2026 holiday season with weaker spending conviction. Holiday budget intentions fell sharply, while value retail remains resilient and higher-income shoppers show growing caution across several discretionary categories.

Selwyn Crittendon moving on to different role at IKEA

He will remain with IKEA Canada until December 31, and the company expects to announce a successor in the coming months.