March 13th, 2024
The Associated Press recently published an article featuring Jay Zagorsky, Clinical Associate Professor of Markets, Public Policy, and Law discussing the viral Trader Joe’s mini totes.
The Trader Joe’s mini canvas tote bags have become a social media sensation, leading to high demand and resale prices far exceeding their original cost of $2.99. Third-party sellers are offering the bags for as much as $999 for a set of four.
“We as humans seem to hoard things that social media makes us think is desirable or important,” Zagorsky adds.
The trend reflects a broader pattern of viral products driving consumer behavior and scarcity contributing to inflated prices.
