Coronavirus: Prices are skyrocketing online - here's how to shop smart
Since the start of the coronavirus outbreak in the United States, health and government officials have urged against panic buying. Hoarding items can make it difficult for others to access basic necessities and can even harm healthcare workers who need protections like masks and hand sanitizers.
But supply and demand aren’t the only reasons health officials are in a kerfuffle over panic buying. Across the web, legions of hoarders are price-gouging items like masks, soap and toilet paper in the hopes of profiting off the crisis. Tap or click here to see more about this and other scams.
As bad as this practice is, retailers across the country aren’t about to take this issue lying down. Some of the biggest retail stores in the nation are updating their rules to help curb the practice of hoarding and price gouging, and it might just help us all get through the worst of the virus. Here’s why.
The price is (not) right
According to reports from the U.S. Public Interest Research Group, a consumer advocacy watchdog, the rising number of coronavirus infections is causing the Amazon prices of hand sanitizer and face masks to skyrocket by at least 50%.
Previously, Amazon claimed it would be putting limits on sellers that attempt to raise the price on these medical products. But numerous stores and sellers continue to sell these and other staples like toilet paper at a markup. Tap or click to see how Amazon was previously handling fake coronavirus cures.
U.S. PIRG reported the average high price of surgical masks are more than 160% higher than the 90-day average price, with the spike occurring just after January 30, when the World Health Organization declared a global health emergency.
Unfortunately, these artificially inflated items still seem to be selling. This is partly due to the fact that critical items like toilet paper are entirely sold out at many retail stores. While new shipments continue to arrive, for the time being, hoarders have made certain they won’t sit for long.
How can we stop the hoarders?
Collectively, we can continue to urge calm, rational behavior in dealing with the outbreak. But aside from that, it’s up to the stores to set limits on what customers can do with the inventory. Fortunately, some of the biggest names in the country are taking a stand against panic buyers.
Target and Best Buy, two of the largest retail chains in America, recently sent out mailing list messages to shoppers, promising they would be limiting the number of provisions customers can purchase at once. Target posted the following statement in its mailer:
As demand for cleaning products, medicine, pantry stock-up items and more remains high, we’re sending more products to our stores as quickly as possible. And this weekend, we started to limit the number of key items per purchase, which will allow more guests to get what they need.
A Note to Our Guests About the Coronavirus from CEO Brian Cornell
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