Professional Documents
Culture Documents
Covid 19
Covid 19
In many countries, supermarkets and grocery stores ran out of stock as a result
of this pandemic. People were forced to stay at home for several days, so they have
to prepared with emergency supplies and causes panic buying. Panic buying reflects
a lack of empathy among the rich for the poor. there are two psychological factors
behind this, one is scarcity, and two is control. Buyers feel out of control about many
aspects of the pandemic, but they do have control when they choose to stock up on
things. Steven Taylor, a professor, and clinical psychologist said that irrational
stockpiling can also lead to price gouging. But scarcity makes everything seems
valuable more than usual, it leads them to buy, as regretting buying too much not as
concerning as regret of buying too little.