Panic buying
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Panic buying is the act of people buying unusually large amounts of a product in the wake of a disaster or perceived disaster, or in anticipation of a large price increase or shortage, as before a blizzard or hurricane. These goods are bought in large amounts to offset a potential shortage or as an act of safety. While panic buying can result in a sudden increase in the cost of goods, it is distinct from looting as it does not entail theft or deliberate property damage.
Panic buying occurred before, during or following the:
- 1973 oil crisis - panic buying of fuel.
- Year 2000 problem - panic buying of food and water.
- 2000 and 2005 UK fuel protests - panic buying of fuel.
- 2005 Atlantic hurricane season, especially Hurricane Katrina - panic buying of food, water, and other supplies.
- 2005 Jilin chemical plant explosions - panic buying of water.
- 2005 Hertfordshire Oil Storage Terminal fire - panic buying of fuel.
Panic buying can sometimes lead to shortages of the product being bought, since large numbers of people stocking up can cause it to run out (thus influencing more people to stock up due to an actual shortage) (Self-fulfilling prophecy). Therefore, during or shortly before a disaster or other perceived major incidents, manufacturers and governments often advise people not to do this.
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