Panic Buying: The Psychology of Hoarding Toilet Paper, Beans & Soup

There’s a very good article by Bella DePaulo, Ph.D. Why Are People Hoarding Toilet Paper? that dives into the psychology of this behavior. It’s a good question, because what we’re seeing are American consumers acting in a seemingly irrational manner in reaction to the spread of the novel coronavirus, COVID-19. Panic buying is what people do when faced with an imminent disaster, whether it be natural — such as a hurricane or snowstorm — or something else, like the spread of a virus for which there is no effective treatment or vaccine. And while it seems irrational on the surface, it actually has a rational basis. I think one of the reasons panic buying seems to make less sense to some during this pandemic is the fact that it’s likely to not just last a few days or weeks, but months to come. There’s little chance most people can stock up on enough food to feed an entire family, or even oneself, for months on end.1 The Psychology of Hoarding in Times of Crisis Hoarding is a natural human response — sometimes rational, sometimes emotional — to scarcity or perceived scarcity. According to timely, recently published research (Sheu & Kuo, 2020): Psychologically, hoarding stems from a human’s response, either rationally or emotionally, to scarcity, and so may occur on either the supply or the demand side. As argued by [other researchers], hoarding can be an overall response that involves a mix of a strategic, rational and e...
Source: World of Psychology - Category: Psychiatry & Psychology Authors: Tags: General Mental Health and Wellness Motivation and Inspiration Policy and Advocacy Psychology Research Stress coronavirus COVID-19 crisis emotional contagion hoarding hoarding toilet paper panic buying Source Type: blogs