The psychology of panic buying: what prompts consumers to start stockpiling – and how do we stop it?

In Australia, fuel prices have increased by about 40% since the start of the US-Israel war on Iran. Panic buying of fuel has been noted in numerous countries in recent weeks. Photograph: Hollie Adams/Reuters

“Of all the shortages we have – there’s a gasoline shortage – you know what else is disappearing from the supermarket shelves?” a television presenter jokes. “Toilet paper.”

Shops emptied of loo roll are now linked to the beginning of the Covid-19 pandemic, but that line was delivered by the US late-night host Johnny Carson more than 50 years ago.