The panic buy that we're seeing now is a small preview of what might happen in real emergency. For now the scale is still limited and groceries avail at local markets, but don't wait until the shelves are empty before you prep. Depending on your needs, you should plan for 2 weeks to 2 months of supplies at home. In addition, keep your vehicle gas tank at least 75% full and have emergency backpacks prepped with 3 days of supplies, in the event that you had to leave your home.
https://www.ready.gov/kithttps://www.redcross.org/get-help/how-to-prepare-for-emergencies/survival-kit-supplies.htmlhttps://www.redcross.org/get-help/how-to-prepare-for-emergencies/anatomy-of-a-first-aid-kit.html
One of the biggest mistakes that people make is to run out and buy supplies that they will never use. Before you spend money, look around the house. If you already have 5 can openers in the drawer, do you really need another one? If you purchase items, choose what you'd actually use under normal conditions as much as possible.
Let's look at a few examples. Say if the toilet paper, wet wipes, Kleenex, etc. are cleaned out at local stores. You could buy Costco bulk pack cotton towels. In emergency you can cut them up and use it to wipe and trash (do not flush). Outside of emergency, I'm sure you can find uses for cotton towels around the house.
In an emergency you won't have running water to do your dishes. So stock up on plastic cutlery and paper plates. Outside of emergencies you can use it for BBQ's and parties.
If you buy "wet" cans (Kirkland canned chicken, albacore, corn), buy what you'd actually eat. They have shorter 1-5 year shelf life and need to be rotated through regular use. In an emergency you don't want to be stuck with cases of canned food that you hate.
If you're going to invest in expensive freeze dried foods (#10 cans) with long shelf life, don't order cases until you tried it first (look for smaller camping bag sized). That "breakfast skillet" might look good on the picture but taste like cat food. When in doubt, stick to the basics (grains, beans, legumes, pilot bread/crackers) or simple entrees (chicken and rice, beef stew). Buy #10 metal cans and not the plastic buckets -- if you're going to get the bucket foods, go to Winco and pack your own.
Where you might want to actually invest more money, is quality and durable items. That cheap flashlights at Walmart might look durable with rubber casing, but won't survive 3' drop to the floor. When the lights are out you'll be fumbling in the dark, so buy a durable flashlight and have extra batteries.