The Russians were told about the consequences of “panic shopping”

Economic sanctions imposed by Western countries on Russia because of its military operation in Ukraine could, in particular, disrupt the supply of many goods, and the resulting sense of uncertainty may encourage people to make rash purchases. Ksenia Panidi, a behavioral economist and senior researcher at the Center for Neuroeconomics and Cognitive Research at the National Research University Higher School of Economics, warned about this in an interview with Sputnik radio.

“In a situation of uncertainty, it is very easy to start buying out of panic. We have several reasons for this behavior. First, we can start following the crowd, that is, see that everyone is shopping and start doing it too. Secondly, we may have the feeling that there will soon be a shortage of something. When our brain thinks about the shortage of something, then the value of this product immediately increases for it, respectively, our desire to buy this product increases, ”explained the expert.

According to her, the consequences of such “panic shopping” will affect not only the wallet, but also the emotional state of the buyer. “The consequences of irrational purchases are quite understandable. If you spend on unnecessary items, then you will have less money for what you really need. There will also be emotional consequences. You may experience disappointment and regret after such actions, ”Panidi believes.

In this regard, she advises following long-term financial plans and not postponing planned purchases, instead of trying to quickly spend money on unnecessary things.

“First you need to understand what things you really need. For example, if you had a plan for a year and it included buying a refrigerator, then you should buy it. If you have known for a long time that you need a thing, then it makes sense to buy it now. And if you just want to save money, then you probably shouldn’t invest in a second refrigerator. Evaluate each purchase in terms of how much you need this thing, ”the expert recommends.

Recall that on February 21, 2022, Russian President Vladimir Putin signed decrees recognizing the independence of the self-proclaimed Donetsk and Luhansk People’s Republics (DPR and LPR), and on February 24 he made an emergency appeal to the Russians and announced a special military operation in Donbass. In his speech, he stated that “circumstances require decisive action from Russia” and stressed that “Russia will not allow Ukraine to have nuclear weapons.”

In response to Russia’s actions, Western countries (USA, Canada, European Union, Great Britain, Japan) announced new, tougher sanctions against the Russian Federation, including financial and economic ones.

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