What if you wake up one day and turn on the television, and a national emergency broadcast appears stating that a fierce tornado is going to hit your neighborhood in two days? You arrive at a nearby supermarket to purchase items to get through, but you see a crowd of customers purchasing essential items such as packaged meals, water, and sanitizing equipment.
It's easy for people to get caught up in the chaos of panic buying, thanks to its overwhelming impulse. But have we ever wondered what drives us to panic buying? This article takes a deep dive into the psychology behind preparedness and discovers why thoughtful planning often beats frenzied purchasing.
What is Panic Buying?
There were countless videos of supermarkets and pharmacies packed with customers purchasing surgical masks right before the COVID-19 pandemic was bound. The lines stretched to the back of the store whereas carts were overflowing with sanitary items. It wasn't something new. In fact, panic buying happens when humans have a deep-seated fear of scarcity and a desire to regain control in uncertain times.
Why Does This Happen?
The reason is psychological. It happens because of a phenomenon called "loss aversion." The term refers to the feeling of avoiding losses rather than acquiring equivalent gains. The fear of being unprepared and potentially missing out on essential supplies can trigger a sense of urgency to get the better of them.
Ugly Picture of Panic Buying
Panic buying may seem to be a logical option for some, but the phenomenon has a downside to it.
Excessive buying disrupts the supply chain, which leads to shortages for the entire community. It becomes harder for individuals to purchase the items that they need most because everyone else is rushing to buy the same product.
Apart from affecting the supply, the resources also get water since panic buying makes individuals hoard stuff that might not be used at all. A person may purchase excessive amounts of canned goods than one can reasonably consume. This would spoil the aliment and would also result in financial losses.
Panic buying also results in stress. An individual in desperate need of hand sanitizers and handwashes can panic and feel anxious if the items are out of stock. The feeling of insecurity would lead to them being overwhelmed with anxiety.
What Is The Answer?
You may have figured out by now that panic buying is not a feasible way to be prepared for a potential calamity. You may be purchasing more than what's required but it happens at someone's expense. The best approach is to have a thorough planning.
1. Create a Plan:
The first task is to come up with a plan. You should be aware of the predicament you might get into and come up with a strategy. An individual can make a list of supplies they need to get through a blackout and how they can be safe from any mishaps.
For example, Sarah creates a family emergency plan that comprises food packages from Entropy Survival and medical supplies to prepare in advance for a storm. She and her family managed to avoid the hassle of last-minute purchases and felt more in control.
2. Build a Basic Emergency Kit:
An emergency kit doesn’t need to be massive. It should only contain essential items such as water, non-perishable food (canned goods and nuts), medical supplies (first aid items, prescription medications, and personal hygiene products), tools, and Supplies (flashlights, batteries, and manual can opener).
An individual can keep flashlights and water bottles in case their car breaks down and they feel dehydrated.
3. Stock Up Gradually:
Instead of going all out, they can purchase things gradually. This gradual approach for stocking necessary items is documented to keep your stock fresh. An individual may add extra cans of dried fruits to their grocery cart each week. This will result in a well-stocked pantry without feeling stress because of a sudden rush a few weeks later.
4. Stay In Touch:
You can feel at ease using your preparedness plans accordingly. You can follow trusted news sources and updates from local authorities in case of any impending incidents. This would gauge the severity of the situation and help you plan your shopping in a measured way.
A well-thought-out strategy gives you control. This way, the chances of being overwhelmed by unexpected events are less. Moreover, thoughtful preparedness means that resources are available for all members of the community.
Final Thoughts
It's alright to feel anxious during times of uncertainty, but it's about having a clear understanding of the situation you are in. People usually come up with emergency plans to stay calm during these situations.
Panic buying offers a temporary illusion of control, but it creates more problems. You can protect yourself and your community while maintaining your peace of mind by taking a measured approach to prepare for the circumstances.
Entropy Survival is here to help you face these uncertainties with confidence. We create high-quality emergency kits and equipment to protect you and your loved ones.