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Panic buying is back. Why?

As coronavirus cases continue rising, so do concerns of another round of lockdowns. It's this fear that's causing folks to start panic buying again.

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.

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