Have you found yourself out and about “panic buying” lately? Moment of truth: I have. If you've tried hitting up the grocery store lately, you've seen the chaos! Panic buying is defined as the unplanned purchasing of large quantities of a particular product/commodity due to sudden fears of a shortage or price increase.
The psychology of panic buying is generally summed up as an attempt to take back control in a time when you feel completely out of control (sound familiar?). Panic buying is connected to our fundamental psychological needs to control our circumstances, relate to those around us (or the “everyone’s doing it” mentality) and feel competent about our abilities as consumers. Empty shelves and rising prices can tempt us to stock up but buying what you do not need or what your family will not use actually gives you a false sense of security that you’re a “smart shopper”.
As connected as we are online, it’s easy to see just how empty the supermarket shelves are regardless of whether or not you’ve been there in-person lately. Let’s be clear – there is a distinct difference between disaster preparation and panic buying. I am certainly not suggesting you ignore recommendations to purchase what your family needs. However, irrational stockpiling can make shortages worse and bust your budget over and over, so here are six hacks to combat future panic buying (cause we're not out of the woods yet...cue Taylor Swift).
Blog editor and Accredited Financial Counselor sharing real-life money smarts that can help you stay on track with financial goals while still enjoying life!
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