Australians are once again rushing to stockpile essential goods, with panic buying at petrol stations highlighting how consumer behaviour can intensify supply pressures during times of uncertainty.
Motorists across the country have been queuing at fuel pumps as global energy markets experience one of the most severe shocks in decades, caused by the current Middle East war. Many have been filling not only their vehicles but also trailer-mounted tanks and jerry cans, prompting some service stations to ration supplies or close pumps entirely.
The scenes have drawn comparisons to early 2020, when the COVID-19 pandemic disrupted global supply chains and sparked widespread stockpiling of items such as pasta and toilet paper. Despite repeated appeals from businesses and government officials at the time, panic buying recurred in waves throughout the pandemic.
Researchers say panic buying can create shortages that would not otherwise occur. When large numbers of consumers attempt to purchase more than usual at the same time, sudden spikes in demand place strain on supply chains.
To better understand the phenomenon, researchers surveyed nearly 800 Australians during the pandemic, examining buying patterns across non-perishable foods, cleaning products and hygiene items. The study focused on how psychological factors influence consumer behaviour in uncertain situations.
Compounding current anxieties is Australia’s limited domestic oil resource base. According to Geoscience Australia, the country’s total demonstrated resources of conventional oil were estimated at about 20,398 petajoules (3,557 million barrels) in 2023, with crude oil reserves alone expected to last around seven years at current production rates. Most remaining resources are located in offshore basins in the north-west and south-east, underscoring Australia’s reliance on imports to meet fuel demand.
To better understand panic buying behaviour, researchers surveyed nearly 800 Australians during the pandemic, examining buying patterns across non-perishable foods, cleaning products and hygiene items. The study focused on how psychological factors influence consumer behaviour in uncertain situations.
Social influences also played a role in some cases. Consumers were more inclined to stock up on non-perishable foods if they believed others approved of the behaviour or were doing the same.
However, several factors commonly assumed to influence panic buying were not supported by the research. Differences in age, gender, income and household size did not predict stockpiling behaviour. Personality traits such as tolerance for distress or uncertainty, and even past hoarding tendencies, were also not consistently linked to increased buying.
The results suggest panic buying is largely shaped by how people interpret risk and decide what is reasonable during periods of disruption.
In a follow-up study, researchers tested whether targeted messaging could reduce stockpiling intentions. Participants were shown a video describing supply chains as stable and explaining how buying normally supports the community and protects vulnerable groups. The message also highlighted that most people were behaving responsibly and appealed to shared values about doing the right thing.
The intervention reduced participants’ intentions to stockpile and shifted their perceptions of social norms. It also lowered the perceived risk associated with not stockpiling.
Experts say these findings offer lessons for responding to the current fuel-related panic buying. During the early pandemic, some political leaders characterised stockpiling as “selfish” or “un-Australian”, but researchers argue that more effective communication should acknowledge people’s fears while offering reassurance.
There are also important differences between the two situations. Panic buying in 2020 was largely driven by concerns about product shortages rather than immediate price increases. By contrast, the current oil shock has led to rapid rises in fuel prices, which may intensify perceptions of risk and urgency.
Researchers say this makes clear communication even more critical. Their work indicates panic buying is driven less by selfishness and more by uncertainty and how consumers assess potential risks. With fuel shortages and visible price rises likely amplifying these concerns, they suggest messaging should focus on reassurance, normalising responsible purchasing behaviour and appealing to a shared sense of community responsibility.