Panic buying
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Panic buying is an imprecise common use term to describe 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. 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 fuel, food, water, and other supplies.
- 2005 Jilin chemical plant explosions - panic buying of water.
- 2005 Hertfordshire Oil Storage Terminal fire - panic buying of fuel.
- 2008 global rice shortage - panic buying of rice.
- 2008 Election/firearms buying panic - The 2008 election of Barack Obama triggered a massive panic buying movement that swept the industry over. Rifles that were perceived at risk of being banned were quickly doubled in price due to demand, and many were unobtainable.
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 in a self-fulfilling prophecy.
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.
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