Hoarding and panic buying returned recently in Victoria, coinciding with a spike in COVID-19 cases.
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There has been only one community case of COVID-19 reported in the Illawarra in recent weeks but the toilet paper aisle at many Wollongong supermarkets was practically bare on Thursday.
This is because Coles and Woolworths have reintroduced purchase limits on toilet paper in an effort to prevent a second wave of panic buying.
Dr Alfredo Paloyo, senior lecturer in economics at the University of Wollongong, backed this move.
And like he did in March, Dr Paloyo reiterated that those people snapping up all the toilet paper were selfish but not stupid.
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What we saw in March and what we're seeing now is a toilet-paper run.
- Dr Alfredo Paloyo
He added panic buying was the result of the fear of missing out. It's a phenomenon of consumer behaviour similar to what happens when there is a run on banks.
"A bank run occurs when depositors of a bank withdraw cash because they believe it might collapse. What we saw in March and what we're seeing now is a toilet-paper run," Dr Paloyo said.
He added the community was better placed to deal with panic buying thanks to lessons learned.
"I think we've learned lessons from the last few months with how to deal with it.
"Coles and Woolworths have put in place preventive measures very very quickly by putting quantity restrictions on the amount of toilet paper and other commodities you can buy.....and that's really what we want them to do.
'This sends a strong signal to the consumers that they have everything in order."
Dr Paloyo argued some believe stocking up to prepare for a crisis isn't 'panic buying', it is actually a pretty rational choice.
"The fear is real for these people. It is a belief that other people think that they will run out of toilet paper that drives the whole situation," he said.
"I don't like to call these people who stockpile idiots and I don't think they're silly, what they're doing is rational and for their own self-interest.
"There is a problem here because what we are seeing is individually beneficial, but for the collective good that's not what we want to happen."
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Agron Latifi
Wollongong born and bred. I love reporting about the Illawarra region and have been doing it for more than 20 years. I've moved into sport recently after covering the education round for the last five plus years for the Illawarra Mercury. It's been a great pleasure.
Wollongong born and bred. I love reporting about the Illawarra region and have been doing it for more than 20 years. I've moved into sport recently after covering the education round for the last five plus years for the Illawarra Mercury. It's been a great pleasure.
