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COVID‐19 and consumer behavior: Food stockpiling in the U.S. market

The emergence of the COVID-19 pandemic has brought radical changes in consumer spending patterns. One aspect of this change is food stockpiling detected in several countries. Using a univariate probit model, this paper relies on the COVID-19 Impact Survey (2020) for American households to assess the likelihood of consumers stockpiling food in response to the stringent lockdown measures imposed by the government's pandemic regulations. Our findings reveal a set of significant correlations between marital status, age, race, occupation, household structure, and the propensity of stockpiling food during the pandemic. Furthermore, the results show that residents in urban areas are more likely to engage in food stockpiling compared with residents in rural and suburban areas. The paper also examines the nexus between residence areas, lockdown measures, and the probability of stockpiling food. This research reveals a significant association between psychological factors and the likelihood of stockpiling food in response to the COVID-19 pandemic [EconLit Citations: D12, H12, I18, P25].