The Need Of The Hour: Humanity & Hand Sanitiser

And many companies are doing their bit.

What Happened?

In the last few weeks, people hoarded a lot of hand sanitisers in India after the coronavirus spread to many countries around the world. Right now, there is a huge shortage for sanitisers and even if they are available online or in some pharmacy stores, they are sold at exorbitant prices.

What Led To This Panic Buying?

Experts stated that panic buying makes people feel that they are in control of the situation. We all know that washing our hands and practising coughing hygiene is all we do need to at this point but for a lot of people, the advice of washing hands sounds like something which is very ordinary, experts added.

Since a pandemic is a dramatic event, we also feel a dramatic response is needed, so that people are spending a lot of money, hoarding sanitisers, masks and instant foods.

Another principle which could be used to explain the phenomenon of panic buying is loss aversion. As per this principle, losing ₹10,000 feels worse than winning ₹10,000. So, if we later realise that we needed that 30 bottles of sanitiser and we didn’t buy it when he had the chance, we will feel bad. This is why we buy more than we need and hoard them.

How Are Indian Companies Doing Their Part?

• Saying that the company will stand in support of the nation during the crisis, Hindustan Unilever announced a 15% cut in prices of Lifebuoy sanitiser, liquid hand washes and Domex floor cleaners. The company also said that it will pledge ₹100 crore towards fighting the coronavirus spread in India.
• The maker of Dettol brand of sanitisers, Reckitt Benckiser, said that it would price its products as per the government-mandated rates.
• ITC also stated that it has already cut the price of its Savlon brand sanitisers from ₹77 to ₹27 for a 55 ml pack and also rushed fresh stocks to the market.

How Are Global Companies Doing Their Part?

• A couple of days back, LVMH, (Louis Vuitton Moet Hennessy), that currently produces perfume and cosmetics for brands such as Guerlain, Christian Dior and Givenchy, said that it will be turning its perfumes and cosmetics business into a hand sanitiser manufacturer.
• On March 18, L’Oréal said that it is providing its factories to make hand sanitiser. L’Oréal’s brand, La Roche-Posay will offer hydro-alcoholic gel to hospitals, nursing homes and main partnering pharmacies throughout Europe. One of its other brands, Garnier will dispense millions of units of the gel to all of its European clients in the food distribution channel.
• Zara owner Inditex stated that it would produce hospital gowns and masks for patients and medical workers alike.

In conclusion, Jonas Salk, the man who invented a vaccine for polio, did not patent his creation and gave it for free for the benefit of mankind. And we believe humanity triumphs any other need during times of crisis. We also feel that companies which are socially responsible are the ones who could create a stronger brand identity and survive longer during these times.

[A quick fun fact: Some companies are fighting the shortage of hand sanitisers in a creative way. Rotunden, a supermarket in Denmark, is selling the first bottle of sanitiser at a price of 40 kroner (£4.92), which is the normal price. However, if you wish to buy a second bottle, the price goes up to 1000 kroner (£122.93). So, you have to pay 25 times more money to buy the second bottle of sanitiser. If this isn’t the smartest way to stop people from hoarding stuff, then we don’t know what else is?]

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