The phenomena[]
Panic buying (alternatively rendered as panic-buying) 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 is a type of herd behavior. 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."
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.
The causes[]
- Panic.
- Greed.
- Fear.
- Maketing hype.
- The belief what is being bought can be monetised.
- The belief what is being bought will become valuable in a short time.
- Shortages.
- Large price cuts.
- Large price hikes and price gouging.
- Cofused, contraditary, scaremongering and dud government advice ald laws.
- A real or perceived societal collapse.
- A real or perceived ecanomic collapse.
- A real or perceived political collapse.
- An imminent war.
- An imminent natural disaster.
- To gain a sense of personal control over one's own life or the lives of others.
- Exses stress relief by retail therapy.
- A herd or mob instinct can aggravate it badly.
Also see[]
- Ty Beanie Bears and thire true UK value in 2020.
- 03\03\2020 World Wuhan coronavirus alert
Sources[]
- https://www.cantonrep.com/news/20200303/we-need-to-calm-down-coronavirus-fears-spark-lsquopanic-buyingrsquo-of-toilet-paper-hand-sanitizer-and-water
- https://edition.cnn.com/2020/03/09/health/toilet-paper-shortages-novel-coronavirus-trnd/index.html
- https://dictionary.cambridge.org/us/dictionary/english/panic-buying
- https://en.wikipedia.org/wiki/Panic_buying
- https://www.investopedia.com/terms/p/panicbuying.asp
- https://edition.cnn.com/2020/03/09/health/toilet-paper-shortages-novel-coronavirus-trnd/index.html
- https://www.cbsnews.com/news/amazon-coronavirus-face-mask-price-gouging-shortages/
- https://www.zdnet.com/article/amazon-wipes-out-one-million-products-for-making-false-coronavirus-claims/