Panic buying during the COVID-19 pandemic can be attributed to several psychological, social, and economic factors. Here are some key reasons why people engaged in panic buying:
Fear and uncertainty: The rapid spread of COVID-19 and the uncertainty surrounding the virus led to fear among the general population. People were unsure about how long the pandemic would last, how severe the impact would be, and how it would affect their daily lives. This fear of the unknown drove individuals to stockpile essential items as a way to feel more in control and prepared for potential prolonged lockdowns or shortages.
Media influence and misinformation: The 24/7 news cycle and social media played a significant role in spreading information and misinformation about the pandemic. Sensationalized headlines and images of empty store shelves created a sense of urgency and panic among the public, leading to a herd mentality where people felt the need to buy more than they actually needed.
Perceived scarcity: As news of lockdowns and supply chain disruptions spread, there was a perceived scarcity of essential goods like toilet paper, cleaning supplies, hand sanitizers, and non-perishable food items. When people saw others panic buying, they worried about not being able to access these items in the future, which further fueled panic buying behavior.
Loss aversion: Loss aversion is a psychological phenomenon where people are more motivated by the fear of losing something than the prospect of gaining something. During the pandemic, individuals feared losing access to essential goods due to potential shortages, and this fear drove them to hoard supplies.
Social contagion: Humans are social creatures, and our behavior is often influenced by those around us. When some people started panic buying, others observed and imitated the behavior, creating a domino effect. People didn't want to be left behind without necessary supplies, which led to a surge in panic buying.
Disruption of routines: Lockdowns and social distancing measures disrupted people's daily routines and made them more aware of their dependence on essential items. As a result, they overcompensated by purchasing more than usual to maintain a sense of normalcy.
Perceived lack of government control: In some cases, lack of confidence in the government's ability to handle the crisis and provide essential goods and services contributed to panic buying. Individuals may have felt the need to take matters into their own hands and secure supplies independently.
It's essential to note that while panic buying may have provided short-term comfort to some individuals, it also exacerbated supply chain disruptions and made it more challenging for vulnerable populations and healthcare workers to access necessary items. As the pandemic progressed and authorities implemented measures to ensure supply chain stability, panic buying subsided gradually.