Aftermath of selective panic buying of toilet paper during the COVID-19 pandemic
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 during various 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]
Fishing-rod panic buying in Corpus Christi, Texas, during the COVID-19 pandemic
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]
^Yuen, Kum Fai; Wang, Xueqin; Ma, Fei; Li, Kevin X. (2020-05-18). "The Psychological Causes of Panic Buying Following a Health Crisis". International Journal of Environmental Research and Public Health. 17 (10): 3513. doi:10.3390/ijerph17103513. PMC 7277661. PMID 32443427.
^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.
^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.
^"Toxic leak threat to Chinese city". The Repository. 2020-03-08.
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