Sharing Daily Discoveries About Personal Finance And Business Topics

Price Gouging Bottled Water During A Crisis

financial literacy

Today I was reading a lot of news about that flooding in the US where the pictures pretty much sum up how bad it is. At times like that you would expect people to gather together and all. But there was some news about selling water where apparently stores are selling them for an outrageous price. In this one example it showed a Best Buy store selling a pack of bottled water for $42. This created an outrage of course where eventually the company said it was an error as the employees priced it as a single purchase for each bottle.

Business wise I am sure it is super tempting for people to jack up the prices during times like these as it is guaranteed profit. But like with this example I don’t think that is the best time to be doing so. Supply and demand is one thing but taking advantage of a crisis kind if steps beyond that moral territory where you will probably lose more in the end.

It seems like such a common sense thing but sometimes the money can just get the best of everyone where reminders are needed that now is not the right time I guess you can say sort of deal. I can imagine the business making more money in the future by being as helpful as possible during times like these.




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