Message Strategies to Mitigate Panic Buying: Factual vs. Moral or Norm Appeals

Governments often have limited policy options when faced with panic buying, as market participants are typically private consumers and firms. We report the results of an online experiment with a representative sample of Australians that tested different messages that a government could use in the face of panic buying. After seeing a hypothetical scenario where a new COVID-19 outbreak has been announced and the government has imposed some restrictions, participants received one of three intervention messages (or a no-message control) designed to reduce panic buying. They were then asked about their intentions to buy more than they needed (i.e., panic buy). Participants were also given a simulated behaviour task, modelled on the social dilemma, where they could elect to ‘buy’ more than an amount they had previously indicated was reasonable for them. We find that a message that emphasises norms and reciprocity reduces simulated panic buying behaviours but not intentions, whilst a message that makes an appeal to morals reduces both panic buying intentions and simulated behaviours. Implications and opportunities for further research are discussed.