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Panic Buying in Hungary During Covid-19 Pandemic

Author

Listed:
  • Tamás Sikos T.

    (University of Miskolc)

  • Vanda Papp

    (Budapest Business School)

  • András Kovács

    (Budapest Business School)

Abstract

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.

Suggested Citation

  • Tamás Sikos T. & Vanda Papp & András Kovács, 2021. "Panic Buying in Hungary During Covid-19 Pandemic," Theory Methodology Practice (TMP), Faculty of Economics, University of Miskolc, vol. 17(01), pages 53-65.
    • Handle: RePEc:mic:tmpjrn:v:17:y:2021:i:01:p:53-65
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    File URL: http://tmp.gtk.uni-miskolc.hu/volumes/2021/01/TMP_2021_01_06.pdf
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    References listed on IDEAS

    as
    1. Islam, Tahir & Pitafi, Abdul Hameed & Arya, Vikas & Wang, Ying & Akhtar, Naeem & Mubarik, Shujaat & Xiaobei, Liang, 2021. "Panic buying in the COVID-19 pandemic: A multi-country examination," Journal of Retailing and Consumer Services, Elsevier, vol. 59(C).
    2. Nazli ALIMEN & Gul BAYRAKTAROGLU, 2011. "Consumption Adjustments of Turkish Consumers during the Global Financial Crisis," Ege Academic Review, Ege University Faculty of Economics and Administrative Sciences, vol. 11(2), pages 193-203.
    3. Sheth, Jagdish, 2020. "Impact of Covid-19 on consumer behavior: Will the old habits return or die?," Journal of Business Research, Elsevier, vol. 117(C), pages 280-283.
    4. Naeem, Muhammad, 2021. "Do social media platforms develop consumer panic buying during the fear of Covid-19 pandemic," Journal of Retailing and Consumer Services, Elsevier, vol. 58(C).
    5. Kaytaz, Mehmet & Gul, Misra C., 2014. "Consumer response to economic crisis and lessons for marketers: The Turkish experience," Journal of Business Research, Elsevier, vol. 67(1), pages 2701-2706.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    COVID-19; Panic Buying; Hungary; Spatial differences; Customer Behavior;
    All these keywords.

    JEL classification:

    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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