Stockpiling a consumers stockpile when good is on sale promotion then does not increase demand but instead encourages consumers to buy earlier and forego later purchases On aggregate level, stockpiling effect is small, may be a more significant issue at individual level 11-1111-11 Stockpiling ƒ consumers stockpile when good is on sale consumers stockpile when good is on sale -- promotion then does not increase promotion then does not increase demand but instead encourages demand but instead encourages consumers to buy earlier and forego later consumers to buy earlier and forego later purchases purchases ƒ On aggregate level, stockpiling effect is On aggregate level, stockpiling effect is small, may be a more significant issue at small, may be a more significant issue at individual level individual level