Panic buying is easy to understand, most folks see no need for long-term preparedness.
Heck, when there's the threat of a snowstorm here there's rush over-buying of milk, bread, eggs, toilet paper, bottled/jugged water, beer, junk food, etc.
I remember the gasoline lines and the serious blizzards of the 70s (we were sometimes snowed-in for a couple weeks.)
My Grandparents and the like harped about the shortages and struggles of The Great Depression.
No panic buying here (meaning my house), I try to stay prepared.