Monday, March 16, 2020

Why People Hoard

Have you been wondering why people had decided then need multiple packages of toilet paper, 50 bottles of hand sanitizer and 50 pounds of potatoes when they never needed them before.Here are a few reasons why:

1. Sense of control--in a fearful and uncertain situation, it gives people an action they can take that gives them a feeling that they have some semblance of control over their immediate environment. Buying a package of toilet paper or bottle of hand sanitizer is a comparatively cheap way of reasserting that control.

3. FOMO--or Fear of Missing Out. Most people start off looking at those people buying large quantities of products as overreacting but, once they see large numbers of people doing the same thing, they start worrying that those other people may know something they do not and, if they do not act now, they will regret it later.

3. Hierarchy of Effects--Also known as AIDA, people move from Attention to Interest to Desire to Action. The more you hear about people panic buying or "hamsterkauf", the more you pay attention to it and the more attention you pay, the greater your desire or concern about not having enough products in case stores run out.

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