This study responds to literature calls to investigate the different social and psychological antecedents of negative consumer emotional well-being in the context of the health crisis Covid-19. We perform a path analysis on a sample of Australian consumers during the Covid-19 lockdown. We find that social norms and word-ofmouth increase consumer fear-of-missing-out which in turn fuels panic buying behavior. Such behavior is moreover spurred by positive motivations to panic buy. By contrast, we find that consumer ability to self-regulate during Covid-19’s reduces their tendencies to succumb to panic buying. We moreover find that such self-regulation is enhanced through sustainable product consumption behavior during Covid-19. Lastly, it was found that panic buying has a negative influence on emotional well-being of consumers. Implications of our findings for theory and future research directions are provided.