Panic Buying

by kevinjones on March 17, 2020

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Panic Buying – Realty Professionals 805-473-0300

There is no reason to Panic Buy in our current situation. Then why do people do it? It is called the psychology of “Retail Therapy” meaning we buy to manage our emotional state. By bulk buying this person is mentally taking back control of what they feel is out of control and in this case usually the fear of the unknown.

Here in the United States the President is trying to calm the nation in his addresses and the CDC is making statements of more urgency and fear which create conflicting messages and makes people worry creating what is called a Fear Contagion Phenomenon. This makes people look to see what others are doing, they see pictures of empty shelves on social media and leads them to the same hording related behavior. So please stop posting pictures of empty shelves, it is not usually that the stores are out of stock but that the employees cannot restock fast enough.

We are not used to empty shelves, as Americans we don’t have the social knowledge and know how to react to these circumstances. In the sense of the unknown it can emotionally drive people to panic, act irrational and have neurotic behavior. Hand sanitizers, gloves, soap and toilet paper will not help stop the virus, it is airborne and transferred from sharing air with other people that are infected.

So why toilet paper? People are driven by value and volume. Toilet paper is cheap, it usually comes in a multi-pack and so you feel like you are getting a lot for the money and that solves the psychological void of control. Other items like cleaners and protective devises are a by-product of false news that they will stop the virus.

We need to be more authoritative in our explanation that there is no reason to panic and that we only need to have a week or two extra supply to self-quarantine. Many of the media and social media posts have been overly vivid and overemphasized which creates a cognitive bias and makes the situation look like a catastrophe or a plague, which this is not, currently we are simply in a precautionary phase.

Best words of advice: Keep calm and a positive mental attitude, limit exposure for a week or two and this will surely pass. Enjoy a little time off or the ability to work from home. If you feel that your home isn’t everything you need or want give me a call and with these low interest rates we can get you an amazing quarantine area! Call Kevin Jones today 805-473-0300