Panic Buying

Panic buying (alternatively hyphenated as panic-buying; also known as panic purchasing) occurs when consumers buy unusually large amounts of a product in anticipation of, or after, a disaster or perceived disaster, or in anticipation of a large price increase or shortage. Panic buying is influenced by (1) individuals' perception of the threat of a health crisis and scarcity of products; (2) fear of the unknown, which is caused by negative emotions and uncertainty; (3) coping behaviour, which views panic buying as a venue to relieve anxiety and regain control over the crisis; and (4) social psychological factors, which account for the influence of the social network of an individual. Read all..

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Explanation

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Panic buying (alternatively hyphenated as panic-buying; also known as panic purchasing) occurs when consumers buy unusually large amounts of a product in anticipation of, or after, a disaster or perceived disaster, or in anticipation of a large price increase or shortage.

Panic buying is influenced by (1) individuals' perception of the threat of a health crisis and scarcity of products; (2) fear of the unknown, which is caused by negative emotions and uncertainty; (3) coping behaviour, which views panic buying as a venue to relieve anxiety and regain control over the crisis; and (4) social psychological factors, which account for the influence of the social network of an individual. [1]

Panic buying is a type of herd behavior.[2] It is of interest in consumer behavior theory, the broad field of economic study dealing with explanations for "collective action such as fads and fashions, stock market movements, runs on nondurable goods, buying sprees, hoarding, and banking panics."[3]

Panic buying can lead to genuine shortages regardless of whether the risk of a shortage is real or perceived; the latter scenario is an example of self-fulfilling prophecy.[4]


Examples

Panic buying occurred before, during, or following these incidents:

See also

References

  1. Yuen K.F., Wang X., Ma F. & Li K.X. The Psychological Causes of Panic Buying Following a Health Crisis, "International Journal of Environmental Research and Public Health", Volume 17, Issue 10, Article numer 3513.
  2. Bruce Jones & David Steven, The New Politics of Strategic Resources: Energy and Food Security Challenges in the 21st Century (eds. David Steven, Emily O'Brien & Bruce D. Jone: Brookings Institution Press, 2015), p. 12.
  3. William M. Strahle & E. H. Bonfield. Understanding Consumer Panic: a Sociological Perspective, Advances in Consumer Research, Volume 16, 1989, eds. Thomas K. Srull, Provo, UT: Association for Consumer Research, pp. 567–573.
  4. "Toxic leak threat to Chinese city". The Repository. 2020-03-08.
  5. Faris, Robert (1948). Social Disorganization. The Ronald Press Company. p. 524.
  6. Spaull, Andrew David (1982). Australian Education in the Second World War. University of Queensland Press. p. 100. ISBN 978-0-7022-1644-2.
  7. Honigsbaum, Mark (2013). "Regulating the 1918–19 Pandemic: Flu, Stoicism and the Northcliffe Press". Medical History. 57 (2): 165–185. doi:10.1017/mdh.2012.101. ISSN 0025-7273.
  8. Burden, Lizzy (2020-03-20). "Is panic buying irrational? Here's why it can seem to make economic sense". The Telegraph. Retrieved 2020-04-07.
  9. Wilkes, Jonny (2020-03-17). "Has there always been panic buying? And when have people panic shopped through history?". HistoryExtra. Retrieved 2020-04-07.
  10. Archibald Percival Wavell (1973). Moon, Penderel (ed.). Wavell: The Viceroy's Journal. Oxford University Press. p. 34.
  11. Alice L. George (2003). Awaiting Armageddon: How Americans Faced the Cuban Missile Crisis. The University of North Carolina Press. p. 78. ISBN 0807828289.
  12. Buder, Emily (2020-03-19). "The Great Toilet-Paper Shortage Scare – The Atlantic". www.theatlantic.com. Retrieved 2020-04-29.
  13. Mamdouch G. Salameh, "Oil Crises, Historical Perspective" in Concise Encyclopedia of the History of Energy (ed. Cutler J. Cleveland: Elsevier, 2009), p. 196.
  14. Taylor, Peter (2013). The thirty-six stratagems: A modern-day interpretation of a strategy classic. Infinite Ideas. p. 50. ISBN 978-1-908474-97-1.
  15. Roberts, Kevin (2005). Lovemarks: the future beyond brands. powerHouse Books. p. 193. ISBN 978-1-57687-534-6.
  16. Lohr, Steve (2000-01-01). "Technology and 2000 – Momentous Relief; Computers Prevail in First Hours of '00". New York Times.
  17. "The Millenium Bug threatens food supply systems – developing countries are also vulnerable, FAO warns". Food and Agriculture Organization. 1999-04-19.
  18. "Oil and gold prices spike". money.cnn.com. 2001-09-11.
  19. Huiling Ding, Rhetoric of a Global Epidemic: Transcultural Communication about SARS (Southern Illinois University Press, 2014), pp. 70, 72, 83, 103, 111.
  20. Collins, Nick (2009-08-25). "EU ban on traditional lightbulbs prompts panic buying". The Telegraph.
  21. "UK fuel blockades tumble". BBC News. 2000-09-14. Retrieved 2008-01-12.
  22. "Toxic leak threat to Chinese city". BBC News. 2005-11-23.
  23. Danielle Kurtzleben, Here's why the ammunition shortage went on for years, Vox (1 July 2014).
  24. Stephanie Clifford, Shop Owners Report Rise in Firearm Sales as Buyers Fear Possible New Laws, New York Times (22 December 2012).
  25. Brochetto, Marilia; Botelho, Greg (2013-09-12). "Facing shortages, Venezuela takes over toilet paper factory". CNN. Retrieved 2020-03-13.
  26. 1 2 3 Lezama Aranguren, Erick (2014-11-09). "La resaca del "dakazo", un año después". El Tiempo. Archived from the original on 2014-11-12. Retrieved 2014-11-12.
  27. "Watch: Looting in Venezuela after government launches attack on 'bourgeois parasites'". EuroNews. 2013-11-12. Retrieved 2014-11-12.
  28. What everyone's getting wrong about the toilet paper shortage Medium
  29. "Supermarkets report panic buying over coronavirus fears". Inside Retail. 2020-03-03. Retrieved 2020-04-03.
  30. Gadher, Dipesh (2020-03-29). "Every ration helps in coronavirus crisis: Tesco puts one-item limit on essentials". The Sunday Times. Retrieved 2020-04-07.
  31. Halliday, Josh (2020-03-16). "eBay urged to clamp down on coronavirus profiteering". The Guardian. Retrieved 2020-04-07.
  32. "Coronavirus price gouging: Amazon and eBay failing to tackle rip-off sellers, says Which?". Sky News. 2020-03-25. Retrieved 2020-04-07.
  33. Nicas, Jack (2020-03-14). "He Has 17,700 Bottles of Hand Sanitizer and Nowhere to Sell Them". The New York Times. Retrieved 2020-04-07.
  34. Palmer, Annie (2020-04-02). "Amazon blocks sale of N95 masks to the public, begins offering supplies to hospitals". CNBC. Retrieved 2020-04-07.
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