Why Does Panic Buying Occur During Crises? Here's the Explanation

JAKARTA, KOMPAS.com — The phenomenon of panic buying or panic purchasing has re-emerged in various countries amid rising global uncertainties, including geopolitical conflicts and potential energy supply disruptions. In this context, consumer behaviour is influenced not only by actual economic conditions but also by complex psychological factors. According to a study published on the EBSCO website on Wednesday (1/4/2026), panic buying generally refers to the unusual behaviour of buying large quantities of goods, typically occurring before or during a crisis. In psychological studies, panic buying is often linked to perceptions of threats to goods availability. When individuals feel there is a risk of shortage, they tend to buy more than their normal needs as a form of anticipation. This phenomenon has been observed in various crises, from natural disasters to the Covid-19 pandemic. Additionally, panic buying can be triggered by uncertainty about the future. Feelings of uncertainty lead individuals to seek ways to regain control over the situation, one of which is buying large quantities of goods. From a consumer behaviour perspective, this action serves as a coping mechanism to relieve anxiety. One of the main factors driving panic buying is what is known as the scarcity heuristic or perception of scarcity. When a good is perceived as scarce, its psychological value increases in the eyes of consumers. This perception does not always reflect the actual situation. In many cases, fear of scarcity actually creates the scarcity itself. A sudden surge in demand can disrupt the supply chain, causing stocks to genuinely deplete. In economic and psychological literature, this condition is called a self-fulfilling prophecy, where expectations of shortage trigger behaviour that causes the shortage to actually occur. Research shows that when consumers see others buying in large quantities, they tend to imitate that action. This phenomenon is known as herd behaviour or herd mentality. Karina Rune, a researcher in health and behavioural science from the University of the Sunshine Coast, describes panic buying as a short-term coping response to situational stress and social contagion. She adds that social norms play an important role.