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 an incredibly large price increase or shortage. Panic buying during health crises 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 emotional pressure 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."
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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 an incredibly large price increase or shortage.
Panic buying during health crises 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 emotional pressure 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]
Panic buying occurred before, during, or following:
Panic buying became a major international phenomenon in February and March 2020 during the early onset of the COVID-19 pandemic, and continued in smaller, more localized waves throughout during sporadic lockdowns across the world. Stores around the world were depleted of items such as face masks, food, bottled water, milk, toilet paper,[28] hand sanitizer, rubbing alcohol, antibacterial wipes and painkillers.[29] As a result, many retailers rationed the sale of these items.[30] Online retailers eBay and Amazon began to pull certain items listed for sale by third parties such as toilet paper,[31] face masks, pasta, canned vegetables, hand sanitizer and antibacterial wipes over price gouging concerns.[32][33] As a result, Amazon restricted the sale of these items and others (such as thermometers and ventilators) to healthcare professionals and government agencies.[34] Additionally, panic renting of self-storage units took place during the onset of the pandemic.[35] The massive buyouts of toilet paper caused bewilderment and confusion from the public. Images of empty shelves of toilet paper were shared on social media in many countries around the world, e.g. Australia, United States, the United Kingdom, Canada, Singapore, Hong Kong and Japan. In Australia, two women were charged over a physical altercation over toilet paper at a supermarket.[36] The severity of the panic buying drew criticism; particularly from Prime Minister of Australia Scott Morrison, calling for Australians to "stop it".[37] Research on this specific social phenomenon of toilet paper hoarding suggested that social media had played a crucial role in stimulating mass-anxiety and panic.[38] Social media research found that many people posting about toilet paper panic buying were negative, either expressing anger or frustration over the frantic situation. This high amount of negative viral posts could act as an emotional trigger of anxiety and panic, spontaneously spreading fear and fueling psychological reactions in midst of the crisis. It may have triggered a snowball effect in the public, enhanced by the staggering images and videos of empty shelves and people fighting over toilet rolls.
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