What drives people to panic buy during times of crisis: A new study sheds light on the psychology of consumers

Mon, 11 Dec 2023 12:13:26 +1100

Andrew Pam <xanni [at] glasswings.com.au>

Andrew Pam

"Fear can cause people to behave irrationally in times of uncertainty. During
the pandemic, this took the form of panic buying as people flocked to stores to
stock up on essential goods. Some even sought to profit off of shortages by
price gouging toilet paper and hand sanitizer.

This phenomenon wasn’t just limited to a few countries or communities, either;
it was a global occurrence that emptied supermarket shelves and caused
significant disruptions in supply chains.

But what drives people to behave in such ways during times of crisis? Is it a
basic survival instinct, a herd mentality influenced by social pressures or
something more complex?

During the onset of the pandemic, we conducted a study aimed at understanding
the complex web of factors that compel us to act or overreact in the face of

       *** Xanni ***
mailto:xanni@xanadu.net               Andrew Pam
http://xanadu.com.au/                 Chief Scientist, Xanadu
https://glasswings.com.au/            Partner, Glass Wings
https://sericyb.com.au/               Manager, Serious Cybernetics

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