With the supply of available baby formula in the U.S. nearly half of what’s typically on the shelves, a long-running shadow economy has burst into the open. molly__o reports on the price-gouging schemes exploiting the current crisis
Photo: Sergio Flores/Bloomberg/Getty Images TheSellingPost.biz is an unlikely baby-formula vendor. The company’s tiny storefront in a suburban Massachusetts mini-mall sits next to a barber and across the street from a car wash — promising in neon letters to buy gold and “Turn your PAST into CASH.” Like a lot of eBay consignment shops, TheSellingPost.
TheSellingPost.biz joins a number of unlikely price-gouging fiefdoms on Craigslist attempting to capitalize on the formula shortage over the last few weeks: One person in Anaheim pays cash for Similac and Enfamil. Another offers to pick up and “Pay Top Cash $$$” for baby formula of any kind. It’s a scheme exploiting the uneven economics of a product necessary to at least supplement the diets of half of American infants up to 6 months old.
That all of these sellers are attempting to price gouge baby formula is somewhat at odds with the market’s attitude toward the necessary good. As one supply-chain expert told Fortune recently, one issue with baby formula from the manufacturing side is that “it’s not a very lucrative market.” Demand is dictated by the birth rate, and there isn’t much room outside of that number to grow or expand — even if that demand is shorthand for what can be an infant’s sole food source.
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