Compensatory Consumption Behavior as a Coping Strategy for COVID-Stress
Based on cognitive dissonance theory and compensatory consumption behavior model, we proposed a conceptual model delineating the relationships between COVID-stress and three shopping behaviors-panic buying, therapeutic (hedonic) shopping, and need-based buying, as coping strategies for COVID-stress. Through conducting an online survey (n = 490) with the U.S. national population, and analyzing the data with structural equation modeling, we evinced that: COVID-stress positively influences panic buying and therapeutic shopping but does not significantly influence need-based buying. Need-based buying negatively influences panic buying and therapeutic shopping. A MANCOVA test revealed that when both COVID-stress and perceived financial insecurity are high, panic buying and therapeutic shopping are higher as compared to when COVID-stress and perceived financial insecurity are low. Thus, brands can help the American consumers by offering different products that can help them escape the unpleasant realities of the pandemic, thereby alleviating COVID-stress.
Keywords: Compensatory consumption, need-based buying, therapeutic shopping, panic buying, COVID-stress
How to Cite:
Chakraborty, S. & Sadachar, A., (2022) “Compensatory Consumption Behavior as a Coping Strategy for COVID-Stress”, International Textile and Apparel Association Annual Conference Proceedings 78(1). doi: https://doi.org/10.31274/itaa.13382