HSE survey: 25% of Russians use shopping as a remedy for depression

A recent survey conducted by the National Research University Higher School of Economics showed that almost every tenth Russian is prone to panic buying, and every fourth has episodes of compulsive buying. The results of the survey were presented at the seminar by the first vice-rector of the National Research University Higher School of Economics, head of the laboratory of economic and sociological research, Vadim Radaev, writes RBC.

The study was conducted in 55 regions using personal interviews with 6 thousand Russians. It revealed that emotionally charged consumption, based on emotional motivations, increases during periods of external stress and uncertainty, such as financial crises or a pandemic.

Emotionally charged consumption can bring moral satisfaction, but it can also lead to material costs and even cause depression.

One form of this consumption is panic consumption, which occurs as a reaction to actual or perceived shortages of goods. Panic consumption may be driven by a desire to regain a sense of control over an uncertain situation and gain security about the future, Radaev noted.

In addition, panic consumption may be based on investment motivation (hope for profit) or the desire to save resources by purchasing goods before their prices are expected to increase.

Speculative rumors or viral news about shortages of goods can be the starting point for panic consumption. Social media plays a special role in intensifying fears and the rapid spread of panic, the study notes. In addition, in panic consumption, a “mass behavior effect” or “crowd effect” often occurs, when people join the majority out of fear of missing out on something important or losing the opportunity to purchase a product.

According to the survey results, 9.4% of respondents over the past 3 years have shown a tendency to panic consumption, making purchases in larger quantities than required due to fears that goods will become more expensive or disappear from sale.