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.
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.
