Is it panic buying or disaster preparedness?
The consumer response to the coronavirus (Covid-19).
In recent days, newspaper headlines all over the UK and other parts of the world have covered the widespread reaction of consumers. Photos of bare shelves are doing the rounds on social media. People with trolleys loaded with essential commodities are taking up long queues everywhere. Supermarkets have sent out a warning against panic buying as some areas have resulted in brawls and physical violence. Sales of toilet rolls and hand sanitisers have shot up in the last few days. A Neilsen Investigation reports that in Malaysia, the sales of hand sanitisers have shot up at 800% above the weekly average.
Panic buying causes prices to go up. Hoarding essential goods is harmful to people who are really ill and desperately need them. People have been reminded to calm down. But why is it still happening?
Experts have pointed out that the fear of the unknown is causing this climactic response even though the best protective measure is something as elementary as washing your hands.
The harmful effects of panic buying:
When there are threats of typhoons, hurricanes, and floods, people prepare by stocking up emergency supplies. It's a rational response to an event that most likely will occur. The line between rational and irrational is crossed when someone orders 2,000 toilet paper rolls, or 500 packs of noodles or cans of beans. This kind of behaviour causes shortages.
Not only that, irrational stock hoarding can cause prices to spike. In 2017, when Hurricane Harvey hit the US state of Texas, people gassed up their cars. This caused a two-year high in petrol prices.
A current example of prices going high due to Covid-19 is the 20 pieces face masks costing more than $100 on sites like eBay. People seem to be unfazed by the increase in prices. Health care professionals are increasingly finding it hard to acquire face masks for themselves. To control unnecessary hoarding, some establishments like Boots and Lloyds Pharmacy have restricted hand sanitiser sales to two bottles per customer.
Disaster Preparedness is the key:
The better alternative to panic buying is to always be prepared throughout the year. Emergencies or crises can happen at any time, stocking up on what you and your family needs is a smart move. But avoid the urge to hoard supplies.
Anxiety is a huge factor in today's events, so it should be managed. Complacency is not the ideal attitude these days, but anxiety can also hamper with effective preparation.
When you feel the need to hit the supermarket and start panic buying, ask yourself first what you are truly afraid of. Stress and anxiety do no good for one's overall well-being. The best way to protect oneself from Covid-19 is by having a strong immune system. Protect your mind, your wallet, and your body.
