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Is Panic Buying Dying Down?

Panic buying might just be slowing down. The evidence: Costco saw monthly sales fall for the first time in a decade in April. The retail giant released its monthly sales report and said that net sales were down 1.8% for April as compared to last year. Costco attributed the loss to the effects of COVID-19, including social distancing measures and stay-at-home orders, which they say “led to decreased traffic and sales.” Many retailers, including Target, Walmart, and Costco, saw huge spikes in sales and foot traffic in February and March as customers began to stock up, and in some cases, “panic buy,” as the coronavirus outbreak took hold. However, as people got the supplies they needed, foot traffic started to slow down toward the beginning of April – some say this is a sign that retail trends are going back to “normal.”