Can the Memory Trail Tell a Story to Anticipate the Future Panic Buying Behavior of Elderly Consumers? A Mixed Methods Approach
Keywords:
Elderly Consumers, Panic Buying Behavior, COVID-19 memories, Mixed-Method Study, Qualitative Methods, RIDITAbstract
This study examines why elderly customers in developing countries tend to buy more goods than they need during crises, often called panic buying. We used a mixed-methods approach, including interviews with elderly consumers in emerging markets and analyzing their past experiences during crises. Our study identified several aspects contributing to panic buying among elderly consumers, including anxiety, fear, concern for family, feelings of scarcity, peer influence, media exposure, and price sensitivity. The broad variables that influence elderly consumers to engage in panic buying are found to be psychological, environmental, economic, and social. Policymakers and marketing organizations in developing countries can use this study's findings to gain better insights into the variables contributing to panic buying among senior citizens. By monitoring their thoughts and interactions during future crises, marketers can improve their ability to target senior customers. This study can also help identify areas of concern and pain points, enabling marketers to enhance satisfaction among elderly consumers.
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