Prevention Strategies of Panic Buying During Disaster

S. M.Yasir Arafat*, Rakesh Singh, Vikas Menon, Kum Fai Yuen

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

Panic buying is arguably an (ir)rational human behavior that is observed at times of emergencies. Although the phenomenon has been noted across the globe, very little evidence has been identified to prevent it. We aimed to identify, assess, and categorize the prevention strategies of panic buying during disasters. Sensible media reporting, psychological measures (online group counseling measures, promotion of kinship), (de)marketing (rationing, avoiding price hike), public health authority measures (assurance of the stock, raising awareness, subsidized goods sales, reduction of import duty, monitoring and punishment, psychosocial support, direct, clear, and sensible communication to the people), and supply chain management (assurance of the stock, sustainable supply, import from an alternative source, product substitution, resilient e-commerce, rapid replenishment) were the major identified domains of prevention for panic buying. This chapter identified and discussed importantly and perhaps preliminary strategies for the prevention of panic buying relating them to the different phases of disaster. Preparedness for controlling the panic among the population during future outbreaks should have an emphasis on these identified domains of preventive strategies.

Original languageEnglish
Title of host publicationPanic Buying and Environmental Disasters
Subtitle of host publicationManagement and Mitigation Approaches
PublisherSpringer International Publishing
Pages211-231
Number of pages21
ISBN (Electronic)9783031102783
ISBN (Print)9783031102776
DOIs
Publication statusPublished - Jan 1 2022
Externally publishedYes

Bibliographical note

Publisher Copyright:
© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.

ASJC Scopus Subject Areas

  • General Psychology
  • General Economics,Econometrics and Finance

Keywords

  • COVID-19
  • Disaster
  • Emergency
  • Pandemic
  • Panic buying
  • Prevention strategy

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