While this also happened, there was definitely some level of panic buying that happened in the initial stages, at least in the US. The toilet paper/paper towel shortage was pretty much driven by pure panic buying, and you had reports of crazy lines outside of big bulk supercenters like Costco.
No, people really did go overboard. Unless you are running a small orphanage no one needs a Costco cart stocked double high with only toilet paper.
There were also a fair amount of people thinking they could be smart and hoarding to later price gouge, but this mostly fell apart and there were articles about how people were mad at Costco's policy of not allowing returns on toilet paper and paper towels.
I still disagree with you, there was a legitimate demand spike for more supermarket toilet paper.
Working from home = more poos and wees at home. Less consumption of industrial deliveries of toilet paper to companies, much higher home consumption from super markets.
So again, not a panic, but a legitimate, overnight, shift in toilet paper consumption habits that resulted in a long lasting shortage of toilet paper in the supermarket JIT supply system. They were not prepared for a jump of 50-100% more home toilet paper consumption.
No panic, but a simple explanation of the shift in consumption from industrial, bulk deliveries of toilet paper to your company office, to buying more of your own at the supermarket.
Yes, there were some opportunists and crazies with a shopping cart full, but they don't explain why it took months for shelves to finally get fully stocked.
