Panic buying is a made up term by the media that became a self fulfilling prophecy. (I am speaking of the US.) Last year, when everything shut down at once, toilet paper, paper towels and bleach disappeared in a day. The media said it was panic buying. How did they come to that conclusion? They did not ask anyone with industry experience.
The reason why those goods disappeared in a day is because locational shopping patterns completely shifted in 1 day. What I mean is this: Some people pick up products at the superstore off the highway during their commute home. Some people pick them up on the way home from dropping kids off at soccer practice. Or after bowling, or night school. Main food shopping is done near their house on Sat/Sun. Overnight when everything shut down, the shopping patterns changed so that the shopping center off the highway that expects traffic during the week got none, and everyone went to their local grocer/walmart etc. That place sold out while the usual commuter walmart/target etc was stocked. I personally went to a commuter Target and bought a dozen 2 packs of N95 masks, toilet paper etc when it happened.
I know this because I took several "Demand Planning" courses for Walmart business and learned how it works. I also learned that Walmart cannot shift goods from 1 store to another (i.e. commuter store to neighborhood) because their supply chain is not set up for it. Teh DCs can make changes, which takes a week. Supermarkets are the same. I learned well because if you dont get it, you get bounced and will never return.
They just called it Panic Buying because the people who work for the media are morons who think Google is enough. That said, I don't think it was on purpose. They just never thought to ask anyone with experience, because they are smarter than a lowly worker like me. They could have reported, "Go back to your usual store to buy what you need for two weeks. Your retailers will catch up" but these are morons reporting. So what happened? They said TP is scarce so people are panic buying!!!" So everyone who saw TP tripled up.