Price Gouging: What You Should Know in 2020

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Photo by Mick Haupt on Unsplash

Among the many news stories about the novel coronavirus that causes COVID-19 are reports of stores or individual sellers engaging in “price gouging.” There are numerous complaints from would-be buyers about this practice. While this time may appear to be a great opportunity for you to make a profit off of items in short supply to which you have access, think twice before setting your prices.

From the man in
Virginia who bought up truckloads of hand sanitizer to resell to the couple
buying cases of Clorox wipes from Costco every day with plans to sell them
online, news outlets and everyday citizens are reacting with disgust to those
who are seen not as free market users capitalizing on supply and demand, but as
greedy persons taking advantage of a national crisis.

The future loss of sales from this negative publicity could easily outweigh the quick profit you make today. However, more than your reputation is at stake. <… Read More

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