Document Type

Article

Publication Date

2-2027

Abstract

This study examines panic buying during Egypt’s economic crisis, such as currency devaluation, rising inflation, and product shortages. This study integrates the scarcity principle, reactance theory, and cognitive dissonance theory to create and assess a new framework designed to investigate how both cognitive factors (such as risk perception and future orientation) and economic factors (such as product unavailability/scarcity and consumption shift) directly and indirectly influence panic buying through the mediating influence of price consciousness. Moreover, the article examines how panic buying may influence cognitive dissonance. A total number of 423 Egyptian consumers were surveyed via an online questionnaire. The structural equation modelling approach is used to analyse the data obtained. The results revealed that product unavailability is a significant predictor of panic buying, both directly and indirectly through price consciousness. Risk perception and future orientation do not directly influence panic buying; instead, they enhance price consciousness, which drives panic buying behaviour. Finally, panic buying has no influence on cognitive dissonance. This study improves our understanding of consumer behaviour during economic crises by showing that being aware of prices helps control panic buying during tough times. In addition, it clarifies how cognitive dissonance occurs. The findings underscore the necessity of transparent communication within the supply chain during crises and the signalling of price stability for policymakers and retailers to mitigate the cycle of scarcity perception and panic purchasing.

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The article is available online from September 2026.

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