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
disasterA disaster is the tragedy of a natural or human-made hazard that negatively affects society or environment....
or perceived disaster, or in anticipation of a large price increase or shortage, as can occur before a
blizzardA blizzard is a severe winter storm condition characterized by low temperatures, strong winds, and heavy blowing snow...
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
lootingLooting , to rob, sacking, plundering, despoiling, or pillaging is the indiscriminate taking of goods by force as part of a military or political victory, or during a catastrophe or riot, such as during war, natural disaster, or rioting...
as it does not entail theft or deliberate property damage.
Panic buying occurred before, during or following the:
- 1973 oil crisis
The 1973 oil crisis started in October 1973, when the members of Organization of Arab Petroleum Exporting Countries or the OAPEC proclaimed an oil embargo" in response to the U.S. decision to re-supply the Israeli military" during the Yom Kippur war; it lasted until March 1974...
- panic buying of fuelFuel is any material that is burned or altered to obtain energy and to heat or to move object. Fuel releases its energy either through a chemical reaction means, such as combustion, or nuclear means, such as nuclear fission or nuclear fusion...
.
- Year 2000 problem
The Year 2000 problem was a notable problem for both digital and non-digital documentation and data storage situations which resulted from the practice of abbreviating a four-digit year to two digits.In computer program design, the practice of representing the year...
- panic buying of food and water.
- 2000 and 2005 UK fuel protests
The fuel protests in the United Kingdom were a series of campaigns held in the United Kingdom over the cost of petrol and diesel for road vehicle use. There have been 3 notable campaigns amongst many other protests in the 21st century. The first protest in 2000 was primarily led by lorry drivers...
- panic buying of fuel.
- 2005 Atlantic hurricane season
The 2005 Atlantic hurricane season was the most active Atlantic hurricane season in recorded history, repeatedly shattering previous records. The impact of the season was widespread and ruinous with at least 2,280 deaths and record damages of over $128 billion USD...
, especially Hurricane KatrinaHurricane Katrina of the 2005 Atlantic hurricane season was the costliest hurricane, as well as one of the five deadliest, in the history of the United States...
- panic buying of fuel, food, water, and other supplies.
- 2005 Jilin chemical plant explosions - panic buying of water.
- 2005 Hertfordshire Oil Storage Terminal fire
The 2005 Hertfordshire Oil Storage Terminal fire was caused by a series of explosions early on the morning of Sunday 11 December 2005. The terminal, generally known as the Buncefield Depot, is an oil storage facility located near the M1 motorway on the edge of Hemel Hempstead in Hertfordshire,...
- panic buying of fuel.
- 2008 global rice shortage
In March to May 2008, some national governments began restricting exports of rice and some retailers began rationing sales, due to fears of insufficient global supplies of the grain, thus becoming another key aspect to the 2007–2008 world food price crisis...
- 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.
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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
disasterA disaster is the tragedy of a natural or human-made hazard that negatively affects society or environment....
or perceived disaster, or in anticipation of a large price increase or shortage, as can occur before a
blizzardA blizzard is a severe winter storm condition characterized by low temperatures, strong winds, and heavy blowing snow...
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
lootingLooting , to rob, sacking, plundering, despoiling, or pillaging is the indiscriminate taking of goods by force as part of a military or political victory, or during a catastrophe or riot, such as during war, natural disaster, or rioting...
as it does not entail theft or deliberate property damage.
Panic buying occurred before, during or following the:
- 1973 oil crisis
The 1973 oil crisis started in October 1973, when the members of Organization of Arab Petroleum Exporting Countries or the OAPEC proclaimed an oil embargo" in response to the U.S. decision to re-supply the Israeli military" during the Yom Kippur war; it lasted until March 1974...
- panic buying of fuelFuel is any material that is burned or altered to obtain energy and to heat or to move object. Fuel releases its energy either through a chemical reaction means, such as combustion, or nuclear means, such as nuclear fission or nuclear fusion...
.
- Year 2000 problem
The Year 2000 problem was a notable problem for both digital and non-digital documentation and data storage situations which resulted from the practice of abbreviating a four-digit year to two digits.In computer program design, the practice of representing the year...
- panic buying of food and water.
- 2000 and 2005 UK fuel protests
The fuel protests in the United Kingdom were a series of campaigns held in the United Kingdom over the cost of petrol and diesel for road vehicle use. There have been 3 notable campaigns amongst many other protests in the 21st century. The first protest in 2000 was primarily led by lorry drivers...
- panic buying of fuel.
- 2005 Atlantic hurricane season
The 2005 Atlantic hurricane season was the most active Atlantic hurricane season in recorded history, repeatedly shattering previous records. The impact of the season was widespread and ruinous with at least 2,280 deaths and record damages of over $128 billion USD...
, especially Hurricane KatrinaHurricane Katrina of the 2005 Atlantic hurricane season was the costliest hurricane, as well as one of the five deadliest, in the history of the United States...
- panic buying of fuel, food, water, and other supplies.
- 2005 Jilin chemical plant explosions - panic buying of water.
- 2005 Hertfordshire Oil Storage Terminal fire
The 2005 Hertfordshire Oil Storage Terminal fire was caused by a series of explosions early on the morning of Sunday 11 December 2005. The terminal, generally known as the Buncefield Depot, is an oil storage facility located near the M1 motorway on the edge of Hemel Hempstead in Hertfordshire,...
- panic buying of fuel.
- 2008 global rice shortage
In March to May 2008, some national governments began restricting exports of rice and some retailers began rationing sales, due to fears of insufficient global supplies of the grain, thus becoming another key aspect to the 2007–2008 world food price crisis...
- 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 prophecyA self-fulfilling prophecy is a prediction that directly or indirectly causes itself to become true, by the very terms of the prophecy itself, due to positive feedback between belief and behavior. Although examples of such prophecies can be found in literature as far back as ancient Greece and...
.
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.