If you have been to NTUC recently, you would have seen the shortage of essential household items such as toilet paper and panic-buying of food. Amidst the corona-virus pandemic, we see the detrimental effect it has on human behavior. From bulk-buying; consumers stockpiling on necessities from people who need them most (face masks, gloves for healthcare workers) to erratic behaviors such as fighting over products.
So why do people panic buy? Here are 4 reasons why:
1) Fear of the Unknown
Unlike natural disasters, where people have a clear idea on the items they need and can estimate how long it will last, they would stock up on supplies accordingly, but since there are many unknowns about corona-virus, this scares people into buying more than they need. Panic-buying is a form of gaining control over the situation, a mechanism to deal with the fear and uncertainty.
2) Mob Mentality
The prevalence of social media and news consumption has also encouraged panic-buying behavior. if we see everyone else panic-buying groceries, like sheep blindly following the flock, people would start to emulate the same behavior.
3) Gaining Control
As we know that the outcome of the virus remains uncertain, to cope with the fear and anxiety, panic-buying helps people feel in control of the situation. Stocking up on supplies is the one action that makes people feel like they are doing something to mitigate the situation.
4) Fear is Contagious
Like the virus, fear is highly contagious. Especially with corona-virus being a new virus, we have no frame of reference and thus fear is the dominant emotion that everyone has. Therefore panic-buying occurs as people feel like if others are doing it, they better do it too to be safe.
The Stress of panic-buying
What does it do to the body?
Chronic stress increases inflammation in the body and lowers your immunity against viruses and infections.
1)Hormone Imbalance
Anxiety and stress trigger your stress response and releases stress hormones such as cortisol and hormones. High-levels of cortisol causes adverse effects such as weight gain and high-blood pressure.
2) Immune System
Chronic stress suppresses immunity by decreasing white blood cells (lymphocytes), leaving you vulnerable to viral infections and cancers.
3) Gut Health
Our brain has a direct effect on the stomach and intestines. Chronic stress weakens the intestinal barrier which leads to bad gut health, an unhealthy gut causes indigestion, bloating, diarrhea, weight gain and food intolerance.