Panic buying

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 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.

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 panic buying – 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.
• 2009 Incandescent light bulbs bought ahead of bans imposed by many governments (Phase-out of incandescent light bulbs)
• 2011 Liverpool Football Club paying £35M for Andy Carroll in a desparate attempt to replace Fernando Torres on transfer deadline day.

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.