Panic Buying: A Global Phenomenon During COVID-19
The COVID-19 pandemic shook the world four years ago. The first case of COVID-19, also called Coronavirus Disease 2019, was identified in December 2019 in Wuhan, China. As the disease spread on a global scale, the COVID-19 pandemic was officially declared on March 11, 2020.
With news of the pandemic, shopping behaviors around the world were drastically changed and influenced. Rather than being smart shoppers, people followed the herd and succumbed to panic buying. The term panic buying is often referred to as “a state of erratic behavior that can occur when an individual believes there’s a real or perceived shortage of basic supplies upon which they rely,” which often happens during fear and anxiety-inducing world events including epidemics, earthquakes, and hurricanes [1]. With the onset of the COVID-19 pandemic, panic buying rapidly became a global phenomenon, a previous occurrence in past disasters and epidemics as well.
So, what are the psychological causes of panic buying during the pandemic?
The behavior of panic buying is fueled by fear of the unknown, heightened anxiety, social influence, crisis perception, and coping mechanisms. During a time of unexpected crisis, people are unable to make sound judgment and discernment because of the brain’s instinctive survival mode. Peoples’ buying patterns are heavily influenced, especially regarding daily essential items. At the height of the pandemic, people in almost every country or region mass purchased “basic household goods, essential foodstuffs, drugs, masks, sanitizers, and toilet paper” from stores to stock up in their homes [3]. Such behavior serves as a way to take control over a situation that is uncontrollable and is “recognized as a coping and defense mechanism” [2].
By gathering data from the beginning of the pandemic, psychologists found that “panic buying was associated with higher income, the presence of children in households, depression and death anxiety, and the mistrust of others or paranoia” [5]. Panic buying is associated with higher income since this phenomenon happens more often in industrialized countries where people have easier access to essential items at supermarkets. In the early stages of the pandemic, Australia had the highest level of panic, four to five times higher than various countries. According to sales data, supermarket spending in Australia rose 24.1% in early March.
Out of the many household goods and necessities that people need on a day-to-day basis, people resorted to mass purchasing toilet paper when shelter-in-place was issued. The demand for toilet paper surged, leading to global shortages. Though toilet paper manufacturing facilities operated fully even amidst the pandemic, “nearly half of all grocery stores in the United States were out of stock of toilet paper for some part of the day on April 19” [4]. With people staying at home due to shelter-in-place, the need for toilet paper became much higher than before. Most stores have limited stocks of toilet paper available in their warehouses, resulting in people succumb to mass purchasing and panic buying toilet paper in fear of the depleting stocks.
What are possible solutions to prevent panic buying?
Solutions to mitigate the consequences of panic buying include “providing adequate and consistent information on the situation, implementing purchase policies, and carrying out government policies” [2]. Specifically, research shows that government intervention, regarding communication, assistance, and prevention and control, and the use of internet resources are some of the most effective solutions in regulating “anxiety perception of the public” and panic buying. In addition, releasing accurate information is heavily emphasized, however, the speed at which the information is delivered should be emphasized as well. By addressing panic buying through regulation, education, and support services, societies will be able to better endure crises on both local and global scales.
Works Cited
[1] Neumann, Kimberly Dawn. “The Psychology of Panic Buying.” Forbes. Forbes, 27 Jan. 2023, https://www.forbes.com/health/mind/panic-buying/
[2] Cooper, Gordon. “Understanding Panic Buying Through an Integrated Psychodynamic Lens.” Frontiers in Public Health. Frontiers in Public Health, 13 Apr. 2021, https://www.frontiersin.org/journals/public-health/articles/10.3389/fpubh.2021.666715/full
[3] Motamed-Jaromi, Meshkani, et al. “Factors Affecting Panic Buying during COVID-19 Outbreak and Strategies: A Scoping Review.” National Library of Medicine. National Library of Medicine, Dec. 2021, https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9577151/
[4] Moore, Andrew. “How the Coronavirus Created a Toilet Paper Shortage.” College of Natural Resources News. College of Natural Resources News, 19 May. 2020, https://cnr.ncsu.edu/news/2020/05/coronavirus-toilet-paper-shortage/
[5] Varanasi, Anuradha. “Panic Buying During The Covid-19 Pandemic Associated With Psychological Distress & Higher-Income: Study.” Forbes. Forbes, 30 Jan. 2021, https://www.forbes.com/sites/anuradhavaranasi/2021/01/30/panic-buying-during-the-covid-19-pandemic-associated-with-psychological-distress--higher-income-study/?sh=714885c5267a
