x
Breaking News
More () »

WZDX

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.

RELATED: How to save money while shopping at the grocery store

RELATED: Black Friday Scams: What to watch out for