What is the difference between COVID-19 supplies panic buying and PS5 consoles panic buying?

You NEED food, water, and paper goods. You DO NOT need video games. That's the difference. 

You do not need the PS5 to live.

Let's see you wipe your @ss with a PS5.

Or eat a video game.

No one "needs" a gaming console.  (says the person who owns 8 different gaming consoles)  
People do need food, cleaning supplies, and basic paper products.