Consumer fear and responses in proximity to war

Diana Maria Vranceanu, Claudia Elena Tuclea and Andreea Fortuna Schiopu

Journal of Business Research, 2025, vol. 197, issue C

Abstract: This study is based on the compensatory control theory and develops a model to describe consumers’ reactions to war in terms of stockpiling and investing behaviors. The results are based on a unique dataset from a survey organized in one of the neighboring countries to Ukraine in mid-2022, a few months after the armed conflict started. The data was analyzed using structural equation model techniques. Our findings showed that people who live in proximity to a military fight were affected by fear of war and started to build up stocks of goods. This stockpiling behavior is driven by consumers’ perceived scarcity of goods and price concerns. Moreover, even though individuals’ investing behavior is not impacted by fear of war, it is driven by their information-seeking actions taken in such a distressing situation. Finally, the latter mediates the relationship between consumers’ fear of war and their stockpiling behavior.

Keywords: Fear of war; Scarcity of goods; Stockpiling; Investing behavior; War (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jbrese:v:197:y:2025:i:c:s0148296325002814

DOI: 10.1016/j.jbusres.2025.115458

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