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Winter Storm Panic Buying: Why It’s Happening – TIME

As⁣ a potentially historic winter storm has‍ already‌ knocked out ​power to 112,000 homes and warnings ‌are in place for some 140 million Americans, many in ⁤the storm’s path have rushed to stores ‌to stock up on supplies.

Images of shelves stripped bare at stores across the country have found their way to social media as the storm started to sweep its way east from⁣ Texas ‍on saturday morning,⁣ with freezing rain and snow reports in Kansas, Oklahoma and Arkansas.

Read More: How to Prepare ​for a‍ Winter Storm Power Outage

Images of Trader Joe’s stores in Washington, D.C., and Chelsea, New york City, show empty aisles. Meanwhile, further south, grocery stores​ in Charlotte, North Carolina, saw an influx⁢ of customers stocking up ​on water, non-perishable food items and canned goods,‌ as well‌ as ⁣batteries.Locals in the area reported that water was so

Hersh Shefrin, professor of behavioral finance ⁣at Santa Clara University, says that this phenomenon is ⁢not ⁢uncommon in the ​face of a major weather event or high-stress⁢ situation.

“It is indeed certainly ⁤reasonable to stock up for a⁣ few days,” he says, but once the buying is driven by a “fight or flight” emotional response, that’s when it transforms into panic buying. ⁤

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PHASE 1: ⁣FACTUAL VERIFICATION & TIMELINESS

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