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Toilet paper, pasta and hand sanitizer seem to be as rare and valuable as gold nowadays due to consumers hoarding these and other supplies due to fears of the coronavirus (COVID-19).  

But this isn鈥檛 out of the ordinary during such unexpected and stressful times, according to , Ph.D., an assistant professor in the University of Northern Colorado鈥檚 Monfort College of Business and an expert in consumer behavior. 

鈥淩esearch shows that when we have events like this, people feel as if they don鈥檛 have much control over what鈥檚 going on and the direction of where things are going,鈥� he said. 鈥淚n order to try to regain control, people will compensate through consumption, like stocking up on items, keeping pantries full and their family safe. Basically, you can鈥檛 do anything about the macro events going on, so doing small, micro things within your household makes you feel as if you have more control over the bigger situation.鈥� 

Maslow's hierarchy of needs, a psychological theory that comprises five tiers of human needs and motivations, can be used to analyze human behavior during the COVID-19 pandemic. 

Graphic from .

Brannon explains that the bottom levels of Maslow鈥檚 hierarchy are physiological and safety needs -- basics like food, water, shelter and security in all areas of a person鈥檚 life. Consumers are purchasing items that directly relate to those two areas.  

For example, sales of firearms and ammunition have increased rapidly. Ammo.com has reported sales up nearly 70% from Feb. 23 to March 4 compared to the previous 11 days.  

At the most basic level, consumers are purchasing toilet paper, hand sanitizer, medical masks and gloves and other items in bulk. Scarcity also contributes to bulk purchases. When a person goes shopping and sees that stock of certain items is diminishing more than other items, then the person is more likely to purchase those items. 

鈥淚t makes those items seem more valuable than they actually might be,鈥� Brannon said. 鈥�Looking at what other people have bought as well as social influence actually guides behaviors.鈥� 

These are temporary shortages 鈥� there aren鈥檛 any issues with supply chain manufacturers delivering such items to the stores. The real issue is people are buying items to stock up, not only for the next week, but for the next month or two. Retailers and supply chains weren鈥檛 prepared for that rush. 

Brannon says supply chains should be able to meet the sudden demand over the next month or so.  

鈥淢y sense is that this initial panic phrase is interesting, but it all goes according to theory,鈥� he said. 鈥淚t鈥檚 not surprising that people are indulging in this type of behavior.鈥� 

Brannon also said he plans on using examples from this 鈥渙nce-in-a-generation鈥� event in future classes; they鈥檙e real-world examples of the marketing concept of scarcity and consumer behavior. 

鈥擶ritten by Katie Corder