Panic buying

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Panic buying is the act of people buying unusually large amounts of a product in anticipation of or after a disaster or perceived disaster, or in anticipation of a large price increase or shortage, as can occur before a blizzard or hurricane or government decree banning a particular popular product such as incandescent light bulbs. 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.

Examples[edit]

Panic buying occurred before, during or following the:

Therefore, emergency planners advise that people should maintain a stockpile or pantry list at all times. This advice is intended to avoid excessive or last-minute purchases, which can put a strain on supply in times of shortages.

References[edit]

  1. ^ Archibald Percival Wavell (1973). Moon, Penderel, ed. Wavell: The Viceroy's Journal. Oxford University Press. p. 34. 
  2. ^ Alice L. George (2003). Awaiting Armageddon: How Americans Faced the Cuban Missile Crisis. The University of North Carolina Press. p. 78. ISBN 0807828289. 
  3. ^ Lohr, Steve (January 1, 2000). "Technology and 2000 – Momentous Relief; Computers Prevail in First Hours of '00". New York Times. 
  4. ^ "The Millenium Bug threatens food supply systems – developing countries are also vulnerable, FAO warns". Food and Agriculture Organization. 19 April 1999. 
  5. ^ Collins, Nick (25 August 2009). "EU ban on traditional lightbulbs prompts panic buying". The Telegraph. 
  6. ^ "UK fuel blockades tumble". BBC News (British Broadcasting Corporation). 14 September 2000. Retrieved 12 January 2008. 
  7. ^ "Toxic leak threat to Chinese city". BBC. 23 November 2005. 
  8. ^ "Massive blaze rages at fuel depot". BBC News. 12 December 2005. Retrieved 19 October 2009. 
  9. ^ "Fire Rages After Blasts At Oil Depot". Sky News. 11 December 2005. Retrieved 19 October 2009.