Panic Buying is not the problem!

It's not entirely up to you to figure out how much to stockpile!

Food Budget Series

Unless you were born yesterday, you have experienced empty grocery stores. During the pandemic, there was a widespread shortage and rationing of home essentials like toilet paper, hygiene products, milk, eggs, baby food, and other home and food essentials in grocery stores. This was a phenomenon that cut across all socio-economic backgrounds.

Shortages are a result of natural or manmade disasters, economic shocks, conflicts, supply chain issues, trade issues, and government crisis policies. Even a "perceived" shortage can lead to a real shortage due to panic buying!

Often the onus of making responsible choices is unfairly put on regular consumers when it should be on the government (policymakers), retailers, and influencers (media, experts, and bellwethers). It is their job to identify supply shortages, anticipate panic behavior (herd mentality, information cascades, biases and trends, and connected events), assess existing perceptions of scarcity and trust, and come up with control measures to both prevent panic behaviors and forestall scarcity.

It is important to look at panic buyers with empathy! No one sets out to intentionally make an irrational decision when they convert their home into a mini grocery store. In fact, the opposite is true. They are looking to make smart decisions and take control of a helpless situation as best as they can! They do this by assessing the severity of the situation, following herd behavior, allowing their past experiences or personal knowledge to inform their present decisions, and in the absence of past experience, relying on centralized direction (from authorities, experts, and leaders)! In fact, they mean to do the opposite of panic!

Therefore, the level of trust that they place in their sources of information becomes a vital component. If the sources are believed to be open, honest, and dependable then they will let them inform what they do. And if those sources are in fact open, honest, and dependable, then they can be leveraged to minimize panic buying in the community! Keep in mind, panic buying is a symptom, not the problem. Stockpiling is a necessity, but only if it's done right with the help of the right knowledge sources!

In a previous article, I wrote about how to Plan Ahead for Disasters. I listed out the things that you need to build an emergency kit for any kind of emergency! Many emergency managers and governments recommend storing one week to one month of surplus food and essentials in our homes. Depending on the disaster or event, you may need a longer supply. It is best to rely on the advice of community leaders and experts to make your stockpiling decisions! Look for disaster preparedness recommendations specific to the natural disaster, outbreak, or emergency! Don't rely solely on websites like Curry Forest. Be sure to check out government and nonprofit resources for the best advice. They are written by professionals who are best equipped to help you, and have the most factually correct and up-to-date information. Here are some examples:

.org

a) https://www.redcross.org/

b) https://www.unicefusa.org/

.gov

a) https://www.ready.gov/

b) https://www.fema.gov/

c) https://www.epa.gov/

d) https://www.cdc.gov/

e) Your local public library is a great resource! Several libraries help with food and emergency assistance, and provide shelter, health services, financial and legal support.