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The Run on Daily Foods and Goods After the 2011 Tohoku Earthquake

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  • Masahiro Hori
  • Koichiro Iwamoto

Abstract

Using high-frequency scan-based data on purchases by households compiled by a market research firm, this article examines changes in consumption patterns in the period of confusion immediately after the 2011 Tohoku earthquake. In particular, we focus on the panic buying of foods and daily necessities observed mainly in the Tokyo metropolitan area immediately after the unprecedented disaster. The results of our empirical analysis suggest that the sudden increase in daily expenditure due to panic buying was mainly due to a jump in the share of households that engaged in buying; on the other hand, increases in prices and the quantities that each household purchased were limited. Furthermore, based on regression analyses on items for which panic buying was clearly observed, we found that households that engaged in panic buying appear to have hoarded a wide range of commodities at random (i.e., they purchased rice, bread, noodles, and whatever they could lay their hands on).

Suggested Citation

  • Masahiro Hori & Koichiro Iwamoto, 2014. "The Run on Daily Foods and Goods After the 2011 Tohoku Earthquake," Japanese Economy, Taylor & Francis Journals, vol. 40(1), pages 69-113.
    • Handle: RePEc:mes:jpneco:v:40:y:2014:i:1:p:69-113
    DOI: 10.2753/JES2329-194X400103
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    Citations

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    Cited by:

    1. Martin O'Connell & Áureo de Paula & Kate Smith, 2021. "Preparing for a pandemic: spending dynamics and panic buying during the COVID‐19 first wave," Fiscal Studies, John Wiley & Sons, vol. 42(2), pages 249-264, June.
    2. Rithika Dulam & Kazuo Furuta & Taro Kanno, 2021. "Consumer Panic Buying: Realizing Its Consequences and Repercussions on the Supply Chain," Sustainability, MDPI, vol. 13(8), pages 1-24, April.
    3. Ahmadi, Iman & Habel, Johannes & Jia, Miaolei & Wei, Sarah, 2022. "Consumer stockpiling under the impact of a global disaster: The evolution of affective and cognitive motives," Journal of Business Research, Elsevier, vol. 142(C), pages 56-71.
    4. Rebekah Paci-Green & Gigi Berardi, 2015. "Do global food systems have an Achilles heel? The potential for regional food systems to support resilience in regional disasters," Journal of Environmental Studies and Sciences, Springer;Association of Environmental Studies and Sciences, vol. 5(4), pages 685-698, December.
    5. Kuan-Ming Huang & Ana Claudia Sant’Anna & Xiaoli Etienne, 2021. "How did Covid-19 impact US household foods? an analysis six months in," PLOS ONE, Public Library of Science, vol. 16(9), pages 1-17, September.
    6. Y. Zhao & C. Huang & J. Luo, 2022. "How to Prepare for the Next Pandemic -- Investigation of Correlation Between Food Prices and COVID-19 From Global and Local Perspectives," Papers 2211.15515, arXiv.org.
    7. Keane, Michael & Neal, Timothy, 2021. "Consumer panic in the COVID-19 pandemic," Journal of Econometrics, Elsevier, vol. 220(1), pages 86-105.
    8. Hugo T. Y. Yoshizaki & Irineu de Brito Junior & Celso Mitsuo Hino & Larrisa Limongi Aguiar & Maria Clara Rodrigues Pinheiro, 2020. "Relationship between Panic Buying and Per Capita Income during COVID-19," Sustainability, MDPI, vol. 12(23), pages 1-14, November.
    9. Nelson Borges Amaral & Bin Chang & Rachel Burns, 2022. "Understanding consumer stockpiling: Insights provided during the COVID‐19 pandemic," Journal of Consumer Affairs, Wiley Blackwell, vol. 56(1), pages 211-236, March.

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