This paper investigates the impact of government interventions on panic buying during the initial stages of the COVID-19 outbreak in Hubei, China. Unlike previous studies using small sample sizes and structured questionnaires, this research leverages tens of thousands of online comments to analyze public sentiment. The findings reveal that news regarding material sufficiency was the most effective intervention, followed by authority effects, market supervision, and then appeals and guidance. The study also highlights a delay in government response and suggests a dual approach combining authority influence and material sufficiency for optimal results. Recommendations for improving future crisis management are provided.

Tinggui Chen, Yumei Jin, Bing Wang, Jianjun Yang