How to Keep Yourself From Panic Shopping
Officials in more than a dozen states, as well as a growing number of cities and counties, have urged Americans to stay at home to help stop the spread of the coronavirus. Some have even passed "shelter-in-place" guidelines that require residents to stay at home unless they are doing essential tasks like going to the doctor or buying food. To prepare for extended time at home, Americans are stocking up on groceries — and many are going a step further and doing what experts call panic buying.
As of last week, toilet paper sales had increased 212.7 percent from the previous year, according to data from a Nielsen representative. Dried bean sales increased 230.5 percent, rice sales increased 166.1%, and soup sales increased 126.6 percent.
Although it’s smart to prepare, shopping in a panic leads some shoppers to hoard groceries, says Kit Yarrow, consumer psychologist and author of “Decoding the New Consumer Mind: How and Why We Shop and Buy.” That means shoppers are buying more than they need, spending more than they’d like, and potentially keeping valuable resources away from others.