Panic Buying in Hungary During Covid-19 Pandemic
DOI:
https://doi.org/10.18096/TMP.2021.02.06Keywords:
COVID-19, Panic Buying, Hungary, Spatial differences, Customer BehaviorAbstract
The study examines buyers’ behavior in Hungary during COVID -19 pandemic based on a non-representative
online questionnaire that was carried out during the time of lockdown in Hungary in March 2020. We would like
to find out whether there was really accumulation of goods, and if so, which product ranges were involved. How
did the outbreak of COVID-19 change shopping behavior? In which direction did it move and could retail trade
react to the unexpected, rapid challenge of going online? Can the respondents be identified with the traditional
buying behaviour pattern and can it be typified with it? In our study we provide an overview of the anomalies
detected in the Hungarian “panic buying” concerning shopping frequency, spending and product avoidance. First,
we introduce the main behavioral patterns of shoppers during the “panic buying period” in Hungary, then we
draft different types of customers. Second, we highlight some statistically significant relations with regional
aspects. Here connections are identified between shopping frequency, spending, stock piling and the places of
residency of the surveyed people. Third, we categorised customers into five groups with cluster analysis. The main
cluster forming differences are the altered sense of well-being and the attitude differences in stock piling.
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WÄNKE, M. (ed.) (2009): Social Psychology of Consumer Behavior. Psychology Press. Taylor & Francis Group. New York – London.
ALONSO, L. E. & FERNANDEZ RODRÍGUEZ, C. J. & ROJO, R. I. (2017). “I think the middle class is disappearing”: Crisis perceptions and consumption patterns in Spain. International Journal of Consumer Studies, 41(4), 389–396.
ANG, S. H. & LEONG, S. M. & KOTLER, P. (2000). The Asian apocalypse: Crisis marketing for consumers and businesses. Long Range Planning, 33(1), 97–119.
BABBIE E. (2015), The practice of social research. 14th edition. Wadsworth Publishing: Chicago
BOURDIEU, P. (1984): Distinction: A Social Critique of the Judgement of Taste. Harvard University Press: Cambridge. Massachusetts.
GHAURI P. & GRØNHAUG K. (2010), Research Methods in Business Studies, Financial Times/ Pearson: Vancouver
GRAVES, P. (2013): Consumerology. Nicholas Brealey Publishing. Boston
HALL, P. A., & LAMONT, M. (2013): Social Resilience in the Neoliberal Era. Cambridge: Cambridge University Press.
HCSO (2021): Weekly Monitor. Hungarian Central Statistical Office http://www.ksh.hu/weekly-monitor/retailtrade.html (downloaded: 01.05.2021)
ISLAM, T., PITAFI, A. H., ARYA, V., WANG, Y., AKHTAR, N., MUBARIK, S. & XIAOBEI, L. (2020): Panic buying in the COVID-19 pandemic: A multi-country examination. Journal of Retailing and Consumer Services, 59, Art. No. 102357. https://doi.org/10.1016/j.jretconser.2020.102357
JANSSON-BOYD, C. (2010): Consumer Psychology. Open University Press. New York
KARDES, F. R. & CRONLEY, M. R. & CLINE, T. W. (2011): Consumer Behavior. South-Western – Cengage Learning. Mason, Ohio, USA.
KAYTAZ, M. & GUL, M. C. (2014): Consumer response to economic crisis and lessons for marketers: The Turkish experience. Journal of Business Research, 67(1), 2701–2706.
KINCSES Á. & TÓTH G. (2020): How coronavirus spread in Europe over time: national probabilities based on migration networks. Regional Statistics 10 (2), 228-231. DOI: 10.15196/RS100210
KOOS, S. (2017): Crises and consumption. In M. Keller, B. Halkier,T. Wilska & M. Truninger (Eds.), Routledge Handbook on Consumption (pp. 131–142). Oxford: Routledge.
KOOS S., VIHALEMM, T. & KELLER, M. (2017): Coping with crises: Consumption and social resilience on markets. International Journal of Consumer Studies, 41(4),363–370. https://doi.org/10.1111/ijcs.1237
LAJÓ, A. (SZERK.) (2020): Elemzés. Járványhelyzet és munkaerőpiac: A járványhelyzettel összefüggő gazdasági akcióterv munkaerőpiacra gyakorolt hatásai p. 18., Állami Számvevőszék, Budapest. https://www.asz.hu/storage/files/files/elemzesek/2020/jarvanyhelyzet_munkaeropiac_2020_09_30.pdf?download=true
LEKAKIS, E. J. (2015): Economic nationalism and the cultural politics of consumption under austerity: The rise of ethnocentric consumption in Greece. Journal of Consumer Culture, 17(2), 286-302. DOI: 10.1177/1469540515586872, 1-17.
MCKINSEY (2020): Consumer sentiment and behavior continue to reflect the uncertainty of the COVID-19 crisis. McKinsey & Company. https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/aglobal-view-of-how-consumer-behavior-is-changing-amid-covid-19 (downloaded: 01. 05. 2021)
NAEEM, M. (2021): Do social media platforms develop consumer panic buying during the fear of Covid-19 pandemic. Journal of Retailing and Consumer Services, 58, January 2021 102226 DOI: https://doi.org/10.1016/j.jretconser.2020.102226
PUTTAIAH, M. H. & RAVERKAR, A.K. & AVRAMAKIS, E. (2020): All change: how COVID-19 is transforming consumer behaviour. Swiss Re Institute. https://www.swissre.com/institute/research/topics-andrisk-dialogues/health-and-longevity/covid-19-and-consumer-behaviour.html (downloaded 01. 05. 2021)
SHAMA, A. (1978). Management & consumers in an era of stagflation. The Journal of Marketing, 42(3), 43–52.
SHARMA, B. R. & SHARMA, A. (2020): Managing Retail Service Quality During COVID-19. Managing the Impact of COVID-19 on Financial Service Industry. Vista Kutir Publications, New Delhi, India.
SHETH, J. (2020): Impact of Covid-19 on consumer behavior: Will the old habits return or die? Elsevier Public Health Emergency Collection, 117, 280–283.
SMYCZEK, S. & GLOWIK, M. (2011): Ethnocentrism of Polish consumers as a result of the global economic crisis. Journal of Customer Behaviour,10(2), 99–118.
TÖRŐCSIK, M. (2007): Vásárlói magatartás. [Shopping Behavior] Akadémiai Kiadó, Budapest.
TÖRŐCSIK, M. (2018): Fogyasztói magatartás – Trendek, insight, vásárlók [Customer Behavior – Trends, Insight, Shoppers]. Akadémiai Kiadó, Budapest.
TROMMSDORFF, V. (2002): Konsumentenverhalten. Kohlhammer Verlag. Stuttgart.
TYAGI, P., SINGH, U. & SHARMA R. (2020): Panic shopping in COVID 19 Pandemic: A comparative study of Eastern and Western Culture. International Journal of Creative Research Thoughts, 8(8), 44-49.
WÄNKE, M. (ed.) (2009): Social Psychology of Consumer Behavior. Psychology Press. Taylor & Francis Group. New York – London.
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Published
2021-07-15 — Updated on 2021-07-15
How to Cite
Sikos T., T. ., Papp, V., & Kovács, A. . (2021). Panic Buying in Hungary During Covid-19 Pandemic. Theory, Methodology, Practice - Review of Business and Management, 17(01), 53–65. https://doi.org/10.18096/TMP.2021.02.06
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