Panic buying

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

Panic buying occurred before, during or following the:

• 1943 Bengal famine
• 1962 Cuban Missile Crisis – panic buying of canned foods
• 1973 oil crisis – panic buying of fuel
• Year 2000 problem – food
• 2000 and 2005 UK fuel protests
• 2005 Atlantic hurricane season, especially Hurricane Katrina – fuel, food and other supplies
• 2005 Jilin chemical plant explosions in China – water, food
• 2005 Buncefield fire
• 2008 global rice shortage
• 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 doubled in price and many were unobtainable.
• 2009 Incandescent light bulbs bought ahead of bans imposed by many governments (Phase-out of incandescent light bulbs)
• 2011 Tōhoku earthquake and tsunami in Japan after the earthquake and tsunami
• 2012 Proposed UK oil tanker drivers strike
• 2012- Ammunition in the United States after the Sandy Hook Elementary School shooting

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.