Panic Buying occurs when consumers buy 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. Panic buying is a type of herd behavior (individuals in a group acting collectively without centralized direction). It is of interest in consumer behavior theory, the broad field of economic study dealing with explanations for collective actions such as fads and fashions, stock market movements, runs on nondurable goods, buying sprees, hoarding, and banking panics.

Panic buying became a major international phenomenon in February and March 2020 during the early onset of the COVID-19 pandemic, and continued in smaller, more localized waves throughout during sporadic lockdowns across the world. Stores around the world were depleted of items such as face masks, food, bottled water, milk, toilet paper, hand sanitizer, rubbing alcohol, antibacterial wipes, and painkillers. As a result, many retailers rationed the sale of these items.

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