Panic Buying in Bangladesh: An Exploration of Media Reports

Abstract

Background: As an erratic human behavior, panic buying is an understudied research area. Although panic buying has been reported in the past, it has not been studied systematically in Bangladesh.Aim: This study aimed to explore the characteristics of panic buying episodes in Bangladesh in comparison to current concepts.Methods: A retrospective and explorative search were done using the search engine Google on November 6, 2020, with the search term “panic buying in Bangladesh.” All the available news reports published in the English language were extracted. A thorough content analysis was done focusing on the study objectives.Results: From the initial search, a total of 30 reports were extracted. However, six reports were not included based upon the exclusion criteria, resulting in an analysis of 24 reports. Five panic buying episodes were identified, discussing the precipitating events, responsible factors, goods acquired through panic buying, and prevention measures. Flood, curfew, COVID-19, and export ban were found to be precipitating events. Media reports frequently mentioned prevention strategies, expert opinion, supply chain status, rationing, and government action. The reported goods that were panic bought were items necessary for daily living such as rice, oil, spices, and safety products such as hand sanitizer and masks.Conclusion: The study revealed preliminary findings on panic buying in Bangladesh; however, they are aligned with the current concept of it. Further empirical studies are warranted to see the geographical variation, precise factors, and to test the culturally appropriate controlling measures.

Who Was Shopping More During the Spring Lockdown 2020 in Germany?

“…These products indicate that individuals were shopping more of goods that were rather necessary for their daily living. This is in line with findings from other studies, where the products that were purchased in the context of panic buying were food, drugstore, or pharmacy products (8,23). However, in our study, only 38.2% of the shopping more group reported buying more of these products alone.…”

“…Panic buying is explained as the "phenomenon of a sudden increase in buying of one or more essential good in excess of regular need provoked by adversity, usually a disaster or an outbreak" (7). Typical goods that are bought excessively in the context of panic buying are for instance food (e.g., rice, oil, and spices) and drugstore products (e.g., soap, toilet paper, masks, and hand sanitizers) (8). The German Federal Statistical Office reported for the period of the spring lockdown an increase in demand for soap of 337% and 221% increase in demand for toilet paper in comparison with that of the previous 6 months (9).…”

Understanding Panic Buying Through an Integrated Psychodynamic Lens

“…Previous literature has identified panic buying as often being a response to environmental stressors or during distressing and uncertain circumstances (12), including pandemics, war, governmental policy changes, or natural disasters (1,3,8,11,12). Panic buying has been defined as a behavioral phenomenon of a sudden increase in consumption and quantity of one or more necessary goods which is provoked by an adverse situation, which results in a disparity between supply and demand (1,3,4). In defining panic buying, it should be noted that the key difference in panic buying and other atypical consumer behaviors is the underlying motivation of the buying and the negative emotions that are associated with panic buying (8).…”

“…In early 2020, we saw an increase in panic buying as a response to a real and/or perceived lack of resources due to COVID-19 (1)(2)(3)(4)(5)(6)(7)(8)(9)(10)(11). During the early days of COVID-19 clients presented with fear, panic, anxiety, and uncertainty (8).…”

“…These negative emotions were, in part, a response to a real shortage of basic supplies. Within the availability of media coverage, there was a global witnessing of shortages of toilet paper, hand sanitizer, and groceries (4,10). However, the panic response led to behaviors that, for some individuals, resulted in an increase in atypical buying patterns (1).…”