Now, the deadly COVID-19 virus has entrenched more than 170 countries. The United States, Italy and Spain’s total number of COVID affected people surpassed the Chinese numbers. It suddenly sparked a panic buying in the market with the COVID-19 lockdown declaration.
You may be hitting local stores for essential items such as hand sanitizer, food products, toilet paper, etc. It is another cumulative picture of this pandemic that comes with panic buying at stores amid the COVID-19 lockdown announcement.
There is a flood of memes and jokes over social media, making odious fun of the people clearing out the stock of grocery stores. A sudden outburst of the vivacious lifestyle.
Amid the COVID 19 lockdown in countries, People rush into panic buying while demoralizing the social distancing.
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The researchers observed a situation where people buy more than usual in crisis and steps that stores can take to bottoming up the problem.
An article in Manufacturing and Service Operations Management shows the comprehensive peer view of the researchers. The researchers develop the economic models for explaining the basic reason behind panic buying by the consumers and what should store to do about it.
Usually, it piles up the fundamentals of economics where the uncertainty of the market makes consumers more worried about future consumption. The consumers stockpile the products for their future consumption.
In today’s current COVID 19 pandemic, the consumers are more worried about probable economic disruptions, which will portray a difficulty in buying essential staples in the coming months.
The article also demystifies the solution that stores should take to respond to the sudden behaviors of the consumer.
Instituting the maximum quotas on the items prevailing in high demand is an efficacious way for managing resources. It can avoid the disastrous countenance that may be faced by the state.
Quotas are found to be an effective tool to swerve the situation, where stores are not able to keep up with the demands of the consumers.
Another study observing the state of panic buying of candles in 2012, China. The reason was a sudden rumor of the complete darkness around the world soon the Mayan calendar ends.
Researchers collated a careful observation about the information that dominated the decision and buying pattern of the consumers.
They found that the process of panic buying being executed after the due information was shared by the key individuals. But the public figures and government can also influence the purchasing pattern of the consumers, just by disseminating factual information.
These studies show the core reason behind the state of panic buying is a fear of shortage of goods soon. Studies supported the fact of instituting quotas by communicating them about the possibility of a better situation.
Still, a lot more to be identified with the current COVID-19 lockdown effect in the USA, UK, India and more countries.