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The most likely person to panic buy is…



One of the first things we noticed at the beginning on the pandemic and lockdowns was the sudden rush on the supermarkets and the disappearance of toilet paper from shelves.

Now researchers have pinpointed the most likely type of person to succumb to panic buying.,

Data from the University of Adelaide revealed women under 55 who have children and a university degree are in fact the number one culprit.

Women under 55 with a university degree most likely panic buyers.
Women under 55 with a university degree most likely panic buyers.

Researchers say panic buyers are people who become more anxious when there’s uncertainty in their day to day life.

“Toilet paper and milk were flying off the shelves faster than I could count, and carbonated water was just about empty.”

The study found one in four described their own behaviour last year as panic buying.

Research also discovered Australians are the ‘world’s best panic-buyers’.

But it’s a phenomenon seen right around the world.

Mass demand for rice and instant noodles in Singapore prompted Prime Minister Lee Hsien Loong to assure the public there was enough to go around.

In Auckland, New Zealand, supermarket spending shot up 40% compared to the same day a year ago.

And shoppers in Malaysia wanting to pad “pandemic pantries” – grocery hoards to fill people’s kitchens until the crisis dies down – have driven an 800% increase in weekly hand sanitiser sales.

The psychology of panic buying

With events like looming natural disasters, such as a hurricane or flood, people frequently stock up with emergency supplies.

“It is rational to prepare for something bad that looks like it is likely to occur.”

David Savage, associate professor of behavioural and microeconomics at the University of Newcastle in Australia

Irrational stockpiling can also lead to price gouging, Academics warn that if the price of a roll of toilet paper is tripled, then people will see that product as scarce, leading to anxiety.

“If everyone else on the Titanic is running for the lifeboats, you’re going to run too, regardless if the ship’s sinking or not”.

Steven Taylor, a professor and clinical psychologist at the University of British Columbia

In the case of a hurricane or flood, most people have a fair idea of the items they may need in the event of a blackout or a water shortage. But since it’s unclear at this stage just what effects Covid-19 will have, there’s a lot of uncertainty driving this spending.


Why luxury brands are not feeling inflation



New data shows luxury brands are not feeling the pinch of inflation, thanks to the ultra-rich indulging in their products

Luxury brands are not worried about the impact of the global economic meltdown.

While prices of food and gas have skyrocketed, spare a thought for the ultra-rich dealing with the rising cost of sneakers and sports cars.

High end retailers like Dior, Louis Vuitton and Versace are all reporting strong sales and are hiking their profit forecasts.

The upbeat view is at odds with fears for the global economy.

However, this is nothing new, in fact it’s in line with past economic slowdowns according to the experts.

The rich are often the last to feel the impacts of a tightening economy, while spending among lower income consumers is squeezed by inflation.

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Johnson & Johnson will stop selling talcum baby powder



Amid a rising number of lawsuits, Johnson & Johnson will officially cease production of its talcum baby powder.

Company executives say the decision follows a severe decline in sales right around the world.

The move also follows a number of lawsuits which claim the product causes cancer due to its contamination with asbestos.

Mined from the earth, Talc and lies very close to where carcinogenic asbestos comes from.

J&J says demand has fallen due to so-called ‘misinformation’ about the powder’s safety.

“We stand firmly behind the decades of independent scientific analysis by medical experts around the world that confirms talc-based Johnson’s baby powder is safe, does not contain asbestos, and does not cause cancer,” it said in a statement.

But an investigation by Reuters back in 2018 discovered the organisation knew for decades that asbestos was present in its talc products.

The global shift away from talcum powder comes more than two years after the healthcare giant ended sales of the product in both the U.S. and the UK.

The company says the powder will now be created from cornstarch.

“As part of a worldwide portfolio assessment, we have made the commercial decision to transition to an all cornstarch-based baby powder portfolio,” it said in a statement.

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Twitter will crack down on false reporting ahead of U.S. Midterms



Twitter is seeking to put the truth first as this November’s mid-terms fast approach

Twitter says false and misleading posts will be fact-checked in a bid to promote accurate reporting.

Twitter will apply its ‘civic integrity policy’, which was first rolled out in 2018.

The policy stops users from posting misleading content that can dissuade people from voting.

There will also be a crack down on claims that undermine the public’s confidence in the results.

It follows the 2020 Presidential election, where the company was accused of not doing enough to stop the spread of misinformation.

All 435 seats in the U.S. House will be up for grabs alongside around a third of senate seats.

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