Panic Buying: Causes and Solutions

Alicia Nelson-Bell, Empowering Financial Wellness Program Coordinator

Are rising prices bringing your anxiety and fears up with them? Are you experiencing a sense of scarcity and uncertainty about your finances? These feelings can cause people to panic-buy. Panic buying is essentially buying irrational or excessive amounts of goods. People trying to cope with stress and anxiety want to feel like they are in control of something amidst the many things they can’t control. Making household preparations is totally rational and is highly recommended. Anxiously buying in excess, out of a fear, with no plan can really wreak havoc on your budget. Let’s take a look at what causes panic buying and some solutions to combat it. 

Main reasons for panic buying:

1. Guilt and shame avoidance: Nobody wants to be the person who’s unprepared or doesn’t have the things they need in times of emergency.
2. Social Cues: You see other people buying lots of various goods or you see pictures of empty shelves, so you feel a need to buy a lot of those goods as well. 
3. Anxiety: Especially during times of uncertainty and unrest in the world, we want to feel like there is something we can control.  

 
Tips to combat panic buying:
Now that you know the main reasons for panic buying, here are five tips to help you combat this issue and avoid adding extra financial stress to your situation.  

• Don’t over consume news and social media: When we’re not sure what to do, we start to look at the people around us for clues. Commonly we see people on social media or television making panic buying a herd behavior. Surround yourself with positive influences. The news and social media can make shortages appear worse than they really are and even cause people go panic buy. 
• Control what you can: Control is the antidote for anxiety- the basis of panic buying. People want to feel as though they are in control of something, amidst all the things they can’t control. Focus on the things you CAN control rather than the things you can’t. 
• Find a positive way to manage anxiety: Whether it’s being out in nature, enjoying music, sports, exercise, meditation or spending time with family, spend time doing healthy things that help you cope with stress and anxiety besides shopping. 
• Be productive: Whatever productivity looks like to you, do it!! Being productive can help you feel like you’re in control and can help take your mind off stressful things happening around you. 
• Spend time with your favorite people: If there are certain family members or friends that stress you out or that really focus on the stressful things in life (and most of us can think of at least someone), consider spending a little less time with them until things calm down. Or, try to think of other things you can talk with them about that are more uplifting.