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16 June 2020

PANIC BUYING DURING THE PANDEMIC

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PANIC BUYING DURING THE PANDEMIC

It has been a very long time since a pandemic of the scale of COVID-19 swept the world. People who normally lead a quiet and comfortable lifestyle are not used to the extreme measures taken during the lockdown. As a result, the instincts to secure one’s basic needs of food and water, the most fundamental according to Maslow’s Hierarchy of Needs, has caused people to stockpile goods to maintain their survival. In addition, the Fear of Missing Out effect comes into play as people watch their neighbors stocking up on necessities while they, themselves, do nothing. The result is that people become fearful and start buying in bulk, which leads to increased demand with decreased supply. The role of social media has also exacerbated rumors related to the pandemic, increasing the fear and causing a snowballing effect in terms of panic buying. The pandemic has also disrupted the logistics chain at higher levels, and empty shelves are taking longer than usual to fill out. To help manage the effects of the pandemic on the supply chain, it is advisable that people limit their purchases to only the amounts they need, which ensures that there should then be enough for everyone.

 

Dr. Lindos Daou

Assistant Professor, Faculty of Business Administration and Economics

 

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