"Panic Buying Phenomenon" by Gavin S.
Panic buying: the action of buying large quantities of a particular product or commodity due to sudden fears of a forthcoming shortage or price increase- Lexico English Dictionary
This past weekend, mobs of people stormed supermarkets across the nation in search of sanitary products, dried foods, and bottled water. Fears of a worsening coronavirus outbreak have led to panic among U.S. shoppers and other affected nations around the world. China and Italy have already experienced dire shortages in stores due to the coronavirus pandemic. People have begun assembling “pandemic pantries” stocked full of essential goods and sanitary products. It is very common for people to rush out to the nearest stores and stock up in the wake of impending pandemics and disasters. However, people do not consider the negative effects of their actions when they take part in the panic buying phenomenon.
Paul Slovic, a psychology professor at the University of Oregon, told NBC News that “stocking up on pantry items and other essentials is a way of coping with the uncertainty of COVID-19 and all it will bring.” While it is wise for individuals to prepare for potential shortages, many people take it to the extreme and buy as much as they can in preparation. Almost all people have the impulse to stock up as much as they can, believing that the more they prepare the better off they will be. However, this is not beneficial to the population as a whole, or even to the individual. Panic buying is not practical, as it only brings a sense of comfort and security while causing imbalances and shortages in supply. The World Health Organization reported Wednesday that panic buying has contributed to a global shortage of face masks (Snider). Due to this, price gouging is occuring severely. BBC News reports that 20- packs of surgical face masks are being sold on websites such as eBay and Etsy for over $100. In addition, Amazon was forced to remove over a million basic needs products sold by third- party sellers that were listed for outrageous prices.
Because of consumer protection laws, price gouging is usually undertaken by smaller, third- party sellers that are not closely monitored. However, large companies and corporations still benefit from panic buying. The sale of certain items, such as face masks and hand sanitizer, has increased exponentially in the past few weeks. Business Insider reports that hand sanitizer sales have increased over 400 percent in the United States and medical masks sales have increased 428 percent. In addition, the sale of oat milk has increased 441 percent, as it has a longer and more stable shelf life than regular milk.
This past weekend, mobs of people stormed supermarkets across the nation in search of sanitary products, dried foods, and bottled water. Fears of a worsening coronavirus outbreak have led to panic among U.S. shoppers and other affected nations around the world. China and Italy have already experienced dire shortages in stores due to the coronavirus pandemic. People have begun assembling “pandemic pantries” stocked full of essential goods and sanitary products. It is very common for people to rush out to the nearest stores and stock up in the wake of impending pandemics and disasters. However, people do not consider the negative effects of their actions when they take part in the panic buying phenomenon.
Stores around the world are having shortages of medical masks.
Because of consumer protection laws, price gouging is usually undertaken by smaller, third- party sellers that are not closely monitored. However, large companies and corporations still benefit from panic buying. The sale of certain items, such as face masks and hand sanitizer, has increased exponentially in the past few weeks. Business Insider reports that hand sanitizer sales have increased over 400 percent in the United States and medical masks sales have increased 428 percent. In addition, the sale of oat milk has increased 441 percent, as it has a longer and more stable shelf life than regular milk.
Sales of disinfectant products have increased dramatically.
Fears of the COVID- 19 outbreak continue to grapple the nation and countries around the world. As shortages grow, people will continue to buy up all available goods and pay ridiculous prices for them. While it is impossible for people to put an end to panic buying, they can still negate the effects of it by planning properly and being informed. Year-round preparation for crises and disasters is a better approach than panic buying and hoarding supplies. In addition, individuals should be cautious of the information they receive. Social media and fake news are the catalysts for false rumors and information that lead to widespread panic.
How else can people avoid being a part of the panic buying phenomenon? Should people be more or less worried about the coronavirus outbreak? How long do you think it will be before public panic dies down?
Works Cited
Lufkin, Bryan. “Coronavirus: The Psychology of Panic Buying.” BBC Worklife, 4 Mar. 2020, www.bbc.com/worklife/article/20200304-coronavirus-covid-19-update-why-people-are-stockpiling.
Manning-Schaffel, Vivian. “Coronavirus Fears Have Emptied Supermarket Shelves. Are You Panic-Buying?” NBCNews.com, NBCUniversal News Group, 5 Mar. 2020, www.nbcnews.com/better/lifestyle/coronavirus-fears-have-emptied-supermarket-shelves-are-you-panic-buying-ncna1148536.
“Panic Buying: Meaning of Panic Buying by Lexico.” Lexico Dictionaries | English, Lexico Dictionaries, www.lexico.com/en/definition/panic_buying.
Peterson, Hayley. “US Shoppers Are Panic-Buying Goods amid Coronavirus Fears - Here's What Will Likely Sell out First.” Business Insider, Business Insider, 2 Mar. 2020, www.businessinsider.com/coronavirus-what-to-buy-top-selling-items-2020-2#hand-sanitizer-20-sales-increase-5.
Snider, Mike. “Coronavirus Concerns Lead to Hoarding, Panic Buying to Stock 'Panic Pantries,' Nielsen Says.” USA Today, Gannett Satellite Information Network, 5 Mar. 2020,
This whole situation is due to the media overhyping the coronavirus. Someone posted on social media how there are certain diseases that become hyped up during election years. Young people are more likely to die from the flu if they have it than the coronavirus, so when young people make it seem like the world is ending, it only makes the situation worse. As long as people wash their hands and stay away from people that are coughing and sneezing, it will be alright.
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ReplyDeletePeople can avoid of being part of the panic buying phenomenon by actually knowing about the coronavirus, and knowing that its something that people need to be educated about. I feel like they should be less worried about it because of the recovery rate.flu, If people was as worried about the flu as the coronavirus, then people would have been freaking a long time ago. I feel like once the media stops hyping it up, then it will die down, you have people who are not educated about the virus, and they are freaking out. It is just like in Arkansas when Garret Lewis says its going to snow, what is peoples first instinct, go out and buy milk, bread, and water.
ReplyDeleteThis is definitely being hyped up more than it should. Yes, Covid-19 should not be ignored or treated like it's no big deal, however, right now it is treated as a bigger deal than it actually is. It has mostly killed people who weren't very healthy in the first place, and doesn't pose much of a threat at all to younger people. If people just stay away from sick people and try to stay as sanitary as possible, it won't turn into anything worse. People need to chill a little bit.
ReplyDeleteI believe that the entire corona virus "pandemic" is a sham in itself.. I think that the media has caused mass panic just for some more views and money coming in. I think that once the virus slows its spread that is when people will stop panic buying. This is more of human nature than anything though. Whenever any threat of weather or disease or anything that would keep people at home they all go out and hoard things that they think they need.
ReplyDeleteThe absolute Hysteria surrounding the coronavirus is ridiculous. It has been politicized and because of the media, who makes it sound like a world-ending disaster, people are in a panic. With what we know about the coronavirus, it isn't really much worse than the flu that affects us each year. It is just portrayed as a deadly disease by politicians and the media attempting to use it as a political weapon.
ReplyDeleteI believe that the only reason most people panic buy is because others are. Seeing others panic buy will cause more panic for others. The media is playing a big part in showing that stores are running out of goods so people need to go get theirs. Once the media stops playing their part the panic buying will start to slow down. People are always panic buying. When people hear there might be a thunderstorm they go and buy bread and milk.
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