Panic buying is an imprecise common use term to describe the act of people buying unusually large amounts of a product in andticipation 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:
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.
