Downsides of Panic Buying
- Panic buying makes people feel in charge of the situation, while seemingly mundane measures like hand-washing, which are actually impactful, seem ordinary.
- The problem comes when people overbuy in their over-panicked state of mind (irrational stockpiling), making the shortages worse than they really are.
- Speculators also take advantage of panic buying and raise prices of essential items like face masks, forcing companies to take appropriate measures.
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MORE IDEAS FROM The psychology of panic buying
Experts point out that panic buying can be a result of a lack of trust in the government.
If public fears are not addressed on time, fake news can induce panic. Better preparedness at all times for possible emergencies can be a way to reduce this among the public.
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..is a principle which makes people do things so that they don't feel regretful later.
People are panic-buying for the same reason too, with social media and news media amplifying the sense of scarcity.
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The world is seeing panic buying in supermarkets, with items like toilet paper, milk, soda, hand sanitizers, etc. flying off the shelves, especially in places with confirmed cases of the virus.
Panic buying is a psychological mechanism fueled by anxiety along with a herd mentality. People hoard stuff in panic, due to fear of the unknown, according to experts.
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RELATED IDEA
While fighting the new virus, people seem to have got obsessed with toilet paper. However, hoarding toilet paper is nothing new. In 1973 and in 2013 the USA and Venezuela had already gone through similar situations, due to rumors spreading and a drop in production.
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Hoarding is a serious psychiatric disorder which has been witnessed by doctors for centuries, and is not some behavioural trait of otherwise normal people.
Symptoms of this disorder start from adolescence, and later become problematic.
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Emotional eating occurs in response to stress, and in people who restrict their food intake.
Eating sweet and fatty foods may improve mood temporarily by making us feel more energetic and happier, but when comfort food becomes a habit, it comes at a cost, such as weight gain.
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