Abstract
The worldwide disaster caused by COVID-19 and its variants has changed the behavior and psychology of consumers. Panic buying and hoarding of various commodities continue to emerge in our daily life. Meanwhile, many scholars have focused on the causes of panic buying and hoarding of physical products like daily necessities and food during the outbreak of COVID-19. In fact, the phenomenon of panic buying and digital hoarding of paid social Q&A and other digital content products is very prominent, both in the outbreak period of COVID-19 epidemic and the current coexistence stage. However, the existing literature lacks empirical research to explore this phenomenon, and the psychological mechanism behind it has not been clearly revealed. Therefore, at the current stage of coexistence with COVID-19, based on the SOBC framework, we developed a theoretical model and explored the causes of panic buying and digital hoarding in paid social Q&A. The data collected from 863 paid social Q&A users in China are empirically tested. The results show that the characteristics of paid social Q&A (usefulness, ease of use, professionalism and value) can cause emotional contagion among platform users, activate their willingness to pay, and finally lead to digital hoarding and panic buying behavior of COVID-19 co-existence stage. In addition, the sensitivity to pain of payment moderates the relationship between emotional contagion and willingness to pay. Compared with the spendthrifts, the tightwads are more willing to pay. The conclusions will have positive significance for improving the retail service of digital content platform and promoting the consumption of digital content.