June 20, 2013
The week's top five must-sees,
delivered to your inbox.
Features include interactive map, in-depth stories, and more.
Download now. »
The week's top five must-sees,
delivered to your inbox.
|
Description
Panic buying is an imprecise common use term to describe the act of people buying unusually large amounts of a product in anticipation of or after a disaster or perceived disaster, or in anticipation of a large price increase or shortage, as can occur before a blizzard or hurricane or government decree banning a particular popular product such as incandescent light bulbs. These goods are bought in large amounts to offset a potential shortage or as an act of safety. While panic buying can result in a sudden increase in the cost of goods, it is distinct from looting as it does not entail theft or deliberate property damage.
Panic buying occurred before, during or following the:
⁕Cuban Missile Crisis - panic buying of canned foods
⁕1973 oil crisis – panic buying of fuel.
⁕Year 2000 problem – panic buying of food.
⁕2000 and 2005 UK fuel protests
⁕2005 Atlantic hurricane season, especially Hurricane Katrina – panic buying of fuel, food and other supplies.
⁕2005 Jilin chemical plant explosions – panic buying of water.
⁕2005 Hertfordshire Oil Storage Terminal fire
⁕2008 global rice shortage
⁕2008 Election/firearms panic buying – The 2008 election of Barack Obama triggered a massive panic buying movement that swept the industry over. Rifles that were perceived at risk of being banned were quickly doubled in price due to demand, and many were unobtainable.
(via Freebase)
|
