Rise of Mental Sub-Health Consumers: Examining the Compulsive Buying Behavior in the Post-COVID-19 Era

The aftermath of the pandemic may have changes in consumer behaviors and motivations for buying. This study aims to find and prove the underlying psychological factors of compulsive buying behavior under the conditions of social isolation. The structural equation modeling via partial least squares (PLS-SEM) was used to test hypotheses and conduct a multigroup analysis on a sample of 394 consumers ( n = 206 for Utilitarian products, n = 188 for Hedonic products). The empirical findings reveal the significant relationships among perceived scarcity, perceived control, uncertainty, perceived severity through loneliness, anxiety, fear appeal and finally compulsive buying. Besides, the proved moderating effects show a significantly higher impact of anxiety on compulsive buying for those who buy utilitarian products and a significantly stronger impact of fear appeal on compulsive buying for those who buy hedonic products. This study integrates perceptions of the epidemic (perceived scarcity, perceived control, uncertainty, perceived severity) and mental-health factors (loneliness, anxiety, and fear appeal) in consumers’ compulsive buying behavior during the public health emergency period and examines its actual impact, and extends the conceptual framework of compulsive buying by comprehending the theory of fear appeal, including product type as the moderating effect.