Panic buying
Encyclopedia
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:
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.
Disaster
A disaster is a natural or man-made hazard that has come to fruition, resulting in an event of substantial extent causing significant physical damage or destruction, loss of life, or drastic change to the environment...
or perceived disaster, or in anticipation of a large price increase or shortage, as can occur before a blizzard
Blizzard
A blizzard is a severe snowstorm characterized by strong winds. By definition, the difference between blizzard and a snowstorm is the strength of the wind. To be a blizzard, a snow storm must have winds in excess of with blowing or drifting snow which reduces visibility to 400 meters or ¼ mile or...
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
Looting
Looting —also referred to as sacking, plundering, despoiling, despoliation, and pillaging—is the indiscriminate taking of goods by force as part of a military or political victory, or during a catastrophe, 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:
- Cuban Missile CrisisCuban Missile CrisisThe Cuban Missile Crisis was a confrontation among the Soviet Union, Cuba and the United States in October 1962, during the Cold War...
- panic buying of canned foods and bottled water - 1973 oil crisis1973 oil crisisThe 1973 oil crisis started in October 1973, when the members of Organization of Arab Petroleum Exporting Countries or the OAPEC proclaimed an oil embargo. This was "in response to the U.S. decision to re-supply the Israeli military" during the Yom Kippur war. It lasted until March 1974. With the...
– panic buying of fuelFuelFuel is any material that stores energy that can later be extracted to perform mechanical work in a controlled manner. Most fuels used by humans undergo combustion, a redox reaction in which a combustible substance releases energy after it ignites and reacts with the oxygen in the air...
. - Year 2000 problemYear 2000 problemThe Year 2000 problem was a 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 programs, the practice of representing the year with two...
– panic buying of food and water. - 2000 and 2005 UK fuel protestsUK fuel protestsThe 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 three notable campaigns amongst many other protests in the 21st century. The first protest in 2000 was primarily led by lorry...
– panic buying of fuel. - 2005 Atlantic hurricane season2005 Atlantic hurricane seasonThe 2005 Atlantic hurricane season was the most active Atlantic hurricane season in recorded history, repeatedly shattering numerous records. The impact of the season was widespread and ruinous with an estimated 3,913 deaths and record damage of about $159.2 billion...
, especially Hurricane KatrinaHurricane KatrinaHurricane Katrina of the 2005 Atlantic hurricane season was a powerful Atlantic hurricane. It is the costliest natural disaster, as well as one of the five deadliest hurricanes, in the history of the United States. Among recorded Atlantic hurricanes, it was the sixth strongest overall...
– panic buying of fuel, food, water, and other supplies. - 2005 Jilin chemical plant explosions2005 Jilin chemical plant explosionsThe Jilin chemical plant explosions were a series of explosions which occurred on November 13, 2005, in the No.101 Petrochemical Plant in Jilin City, Jilin Province, China, over the period of an hour...
– panic buying of water. - 2005 Hertfordshire Oil Storage Terminal fire2005 Hertfordshire Oil Storage Terminal fireThe Buncefield fire was a major conflagration caused by a series of explosions on 11 December 2005 at the Hertfordshire Oil Storage Terminal, an oil storage facility located near the M1 motorway by Hemel Hempstead in Hertfordshire, England. The terminal was the fifth largest oil-products...
– panic buying of fuel. - 2008 global rice shortage2008 global rice shortageIn March to May 2008, some national governments began restricting export 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 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- Japan, after the earthquake and tsunami.
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.
- 2011 - Liverpool Football Club pay £35 million for Newcastle United striker Andy CarrollAndy CarrollAndrew Thomas "Andy" Carroll is an English footballer who plays as a striker for Premier League club Liverpool and the England national team....
in order to alleviate concerns over their Barclays Premier League safety.