Panic buying, face masks and other irrational ways we have behaved in this crisis—why we do it and what we can do about it.

Image for post
Image for post
Photo by @markusspiske on Unsplash.

Panic buying was a widespread phenomenon observed of buyers at the start of the COVID-19 crisis. With food supplies and household products being in particular demand (toilet paper sales skyrocketed by a shocking 700% between February and March!), many supermarkets were forced to impose limits on the number of items shoppers can buy.

Image for post
Image for post
A selection of photos of shoppers stockpiling. Images by @abewitchedangel on Twitter (top left); @tinik972 on Twitter (top right); Forbes (bottom left); and Telegraph (bottom right).

Why do we panic buy?

Some people may panic buy as a form of forward planning. However, more often than not it is a way we cope with our fears and anxieties during times of uncertainty. When things appear out of our control, taking bold, decisive action may help us to re-exert control over a situation, even if these actions reduce our risk in one respect but are largely ineffective for solving the problems we face (e.g. …


Resilience and agility are crucial for navigating crises. Startups are best placed to adapt and innovate, but also most at risk.

Photo by @anniespratt hosted on Unsplash.
Photo by @anniespratt hosted on Unsplash.
Photo by @anniespratt, hosted on Unsplash.

As lockdowns ease and early signs of an uptick in infection rates spark fears of a resurgence in the coronavirus, the current crisis continues to disrupt startups and the wider entrepreneurial ecosystem.

Startups have been among the hardest hit businesses

Startups and entrepreneurial ecosystems, valued at $2.8 trillion and growing at over 10% per year, are a vital part of our global economy. In addition to providing a significant source of employment, they are paving the way for a digital and more sustainable future. Yet, these businesses have been among the hardest hit by COVID-19. As sales orders have collapsed and production has ground to a halt, investors are retracting their funding, bringing R&D, marketing and other efforts to a standstill. …

About

Park Yeung

Hobbyist writer covering entrepreneurship, innovation, sustainability and COVID-19. Published by The Startup and other Medium publications.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store