Coronavirus: The psychology of panic buying - BBC Worklife - 0 views
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LLast Saturday afternoon, Kristina Moy decided to swing by her local supermarket in the US city of Seattle to pick up some weekly groceries and supplies for her son’s upcoming baseball tournament. What started as a quick errand turned into a three-hour ordeal, navigating checkout lanes packed with hundreds of shoppers stocking up amid the outbreak of coronavirus.
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Moy isn’t the only one to experience long queues and empty shelves. 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% last Saturday 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. (All of those places have confirmed cases of Covid-19.)
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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,” says David Savage, associate professor of behavioural and microeconomics at the University of Newcastle in Australia, who’s written about the rationality behind stocking up in a crisis. However: “It is not rational to buy 500 cans of baked beans for what would likely be a two-week isolation period.”
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