There's a lot of psychology behind the phenomena of "panic buying."
Some of the reasons for panic buying
Other people
- People are buying because of the behavior of their fellow shoppers, not because of their concerned about a threat to the supply chain.
Restrictions and limits on purchases
- You see a restriction, and you automatically assume 'I need this' or 'I should probably get this if it's limited'
What are companies doing to help?
- Officials say retailers saw how consumers stocked up back in March and have shifted operations to account for the new ways people purchase goods during a crisis.
- Some companies have been running at peak production for quite some time - 24/7 shifts, external manufacturers that they're bringing on.
What are store owners saying?
Store owners are stressing though that the pandemic did not cause a shortage of supplies then, and it isn't now.
- The country was not out of food, but everybody panicked and bought everything all at once.
- Experts say an average panic buying episode lasts a little over a week, and their best advice? Practice patience.
- Back off, hold off. if you can hold on for a few days, if you can hold on for a week or so, then you'll get to the store, the crowds will have gone, the, the shelves would have been restocked.
- Some retailers are placing limits on purchases of some essentials, like paper products, in case panic buying gets out of hand again.