I know it’s the holiday season and everything–good will towards everyone etc., but one story has made me particularly happy.
It seems that scalpers on eBay in the UK, who were hoping to gouge and swindle high prices from people who desperately wanted a Wii for Christmas, are experiencing a huge Wii price crash.
Yay for the free market system!
According to the DailyRecord, a massive amount of Wiis have hit retail shops and, as a result, has caused the over-priced Wii units on UK eBay to fall like a lead balloon. Many scalpers were hoping to clean up and make a killing by hording the scarce units and unloading them to eBay buyers at outrageous prices.
But it seems the scalper’s Grinch-greediness has backfired and the once high priced item is tumbling down rapidly as news of the abundance of inexpensive Wiis at local stores spreads.
Major retail outlets in the UK such as Argos and Curry that once sold the Wii at £230 (456 USD). have dropped the price to £179 (355 USD). On the flip side, UK eBay sellers are scurrying to match or even go below the retail shop pricing in order to cut their loses.
Excuse me as I take a few moments to drink this in.
Market analysts say the sudden influx of Wii units into the market was "something of a Christmas miracle. All the signs were that the Wii supply would not meet the demand. People [scalpers] have stocked up on them hoping a deluge would force up the price. But the opposite seems to be the case.
"On the basis of previous years, that would have been very unlikely. There is always a product customers just can’t get enough of."
Thanks Santa, we needed that. Now, if that would only happen in the US…
