Toilet paper is normally bought in multimonth increments because it doesn't go bad and isn't that large. How often do you buy toilet paper in a year? Maybe two or three times unless you're extremely liquidity constrained or unable to transport an 8-pack. The prospect of a lockdown prompted people to buy toilet paper off cycle which disrupted the whole thing by having everyone buy toilet paper in a month, instead of 1/4 of people, and then the residential demand increased while commercial paper demand dropped. It's not as simple as blaming a media panic.