Following the herd to the petrol pump

In the last few days, we have been witness to an extraordinary phenomenon: the herd mentality of the British consumer.

We are at least seven days away from any potential industrial action by petrol tanker drivers which could upset the availability of fuel and yet, following government advice to top up our tanks or hoard small supplies, we set off in our droves to forecourts this week demonstrating almost Blitz-like resolve. As a consequence, the independent retailers’ group RMI Petrol reported that demand for petrol rose 172% on a single day, while diesel was up 77%. Halford’s reported a staggering 500% rise in sales of jerry cans.

Some have suggested that the panic-buying is a direct result of the government ‘nudging’ people towards specific outcomes. Perhaps, it has been said, the government needed this to happen for political reasons, as a distraction from the economy, the ‘cash for dinner’ scandal, to back Labour into a corner over union funding – or even to generate a short-term petrol duty bonanza.

But this behaviour isn’t unusual for British consumers. In 2009 Delia Smith’s Christmas television series sparked a rush for obscure ingredients. Sainsbury’s reported sales of cinnamon sticks up 200 per cent on the previous year, while Marsala wine was up 300 per cent and pickled walnuts doubled.

And it’s not only food. Earlier this year Amazon reported sales of telescopes up 491% in the three hours after the transmission of BBC2’s Stargazing Live, presented by Professor Brian Cox.

Whether it is rushing to fill up your car when there is no shortage of petrol or racing to get the last cinnamon stick for a cupcake recipe, this is behavioural economics in action. We, as consumers, are heavily influenced by other people. We tend to observe and copy what others do and, generally, like conforming. And with that, I’m off to fill up the car – like I’ve just seen my next-door neighbour do.