隨著COVID-19 全球性的持續爆發，恐慌性購買成為消費者、零售商與決策者面臨的新議題。這種行為是指當面臨威脅時所體驗之強烈負向情緒所產生的反應，但恐懼（fear）和焦慮（anxiety）這兩種有所關聯卻又分離的情緒對恐慌性購買的影響尚未經實驗檢驗。 人們會因為COVID-19 疫情的流行，透過負向情緒的形式造成心理壓力（主要是恐懼和焦慮）。此外，這些情緒可能與具體的威脅有關，例如生病，或者與較模糊或抽象的威脅有關，例如限制和封城。在解釋水平理論的借鑑下，先前的研究發現操弄具體與抽象兩組心態的受測者，他們在原先密切相關的情緒上產生了差異的結果。因此，本研究透過解釋水平理論來探討恐懼和焦慮對消費者恐慌性購買影響之間的差異。研究 1 使用調查方法來檢驗恐懼、焦慮和恐慌性購買之間的關係。結果表明，恐懼和焦慮是恐慌性購買的唯一預測因素，與焦慮相比，恐懼更具有預測效果。研究 2 和研究 3在解釋水平的交互作用下進行實驗來測試恐懼與焦慮，而解釋水平被操作化為具體與抽象心態的量化變數。最後，在研究 3 中，COVID 否定是一種與恐慌性購買以及防疫忽視相關的新興的現象，看似矛盾的行為，被視為恐慌性購買的情緒和解釋水平之間相互作用的額外調節因素。本研究也討論了理論和實踐意義。

Panic buying, which accompanied the outbreak of the ongoing global COVID-19 pandemic, emerged as a novel problematic issue for consumers, retailers, and policy makers. The behavior is considered to be a reaction to strong negative emotions experienced when facing a threat, but effects of fear and anxiety, two related yet discrete emotions have not been experimentally examined in relation to panic buying. The COVID-19 pandemic causes psychological strain in the form of negative emotions, primarily fear and anxiety. Moreover, these emotions may be related to specific and concrete threats, such as becoming ill, or to threats that are more ambiguous or abstract in nature, such restrictions and lockdowns. Guided by the construal level theory, previous research found adopting a concrete versus abstract mindset leads to differences in outcomes of closely related emotions. Therefore, this research applies the construal level theory to tease apart differences between the effects of fear and anxiety on consumer panic buying. Study 1 uses a survey method to examine relationships between fear, anxiety, and panic buying. Results show that fear and anxiety uniquely predict panic buying, and that fear is a stronger predictor compared to anxiety. Studies 2 and 3 utilize an experiment designed to test fear versus anxiety under an interaction effect with construal level, operationalized as a concrete (abstract) mindset. Finally, in Study 3, COVID denial, a novel phenomenon associated with panic buying as well as defiance of pandemic prevention measures, seemingly incongruent behaviors, is examined as an additional moderator of the interaction between emotion and construal level on panic buying. Theoretical and practical implications are discussed.

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