Do you think it is right for sellers on eBay to increase their prices on exercise bikes (possibly because of covid)

I want to buy a spin bike but noticed on several of them listed on Ebay that the price has been put up quite a bit since around March/April (covid). One spin bike is $200 more expensive. Is this wrong what they are doing?

Comments

  • +17 votes

    No. It's not wrong.

    Basic supply Vs demand economics

  • +3 votes

    Capitalism.

    Maybe it is wrong, however if you want the bike badly enough you'll have to pay their asking price or go without.

  • +1 vote

    I'm sure their suppliers upped their prices too

  • +3 votes

    It's the government, they don't want you to exercise so you get fat and die.

  • +1 vote

    Gym owners

  • +1 vote

    Supply and demand at work

  • +4 votes

    Wait for the sudden drop in prices very soon as demand drops significantly, or look on fb marketplace for a surge of never used gym equipment in 2-3 months.

    I dont sell gym equipment, but my eBay sales have fallen from say 100 per day at Covid peak to around 5-10 per day, I ordered stock to cater to high demand (stock which I now have) and sales have fallen off a cliff, many of my competitors are discounting heavily as they must be in the same situation, meanwhile collectively as sellers in our segment were all probably sitting on 6-12 months of stock, given the state of the economy it’s going to be a slow burn from now to clear it even at reduced prices.

    I’d imagine many medium sized sellers in all categories are in the same boat.

  •  

    If it was a life-saving drug then yes, it's morally wrong. You have alternative exercise options and don't have to buy from them.

  • +4 votes

    I don't see how it is wrong at all.

    The seller can put their product up for sale at any price they want. You don't have to buy it.

    • -3 votes

      Yeah I know I don't have to buy it, I just think doubling the price of an item (extra $200) is a bit greedy.

  • +2 votes

    It's up to sellers what price they want to charge. They bear the risk (or reward) of the price they set.

    Buyers have the choice to accept that price or walk to the next vendor.

  •  

    I don't think its wrong specially if they dont have much stock available as well. And its hard for them to bring in more, might require more money.

  •  

    Some of the price increase will be due to the AUS/US exchange rate which took a nose dive around March.

  • +2 votes

    Supply and demand. Don't like it don't pay. So if you were selling the item them, you would be short changing yourself selling below market?

  • +1 vote

    First World problem, seller putting up the price which I don't agree. Write in ozbargain first.

    During last 2 months, how many things you saw price increase rediculiosly? Toliet paper, Isopropyl alcohol, hand senitizer, you name it. Even SSD went up in price.

    So why OP not starting post on everything that increase in price?

    • -2 votes

      True but doubling the price of an exercise bike is a joke ($200).

      • +1 vote

        Demand for the spin bike increase maybe 500% due to the closure of the GYM. Also with weak Aus $, it is not a surprise.

        I have seen a 20Kgs dumbbell set selling for $50 at Kmart then all store went out of stock, the cheapest I can find on Facebook and Gumtree is around $150 New or $120 second hand.

  • +3 votes

    It’s not just supply in demand on the price of the bike, freight costs have increased.

    I had some custom printed business stuff printed right before Covid struck hard and now shipping is going to cost more then the products.

  • +1 vote

    If you were selling your old exercise bike on Gumtree and you were planning to sell for $50 but when you were doing the listing you noticed others were selling the exact same bike for $100 what would you do? Would you sell for $50 because that's what you initially thought or would you be lead by the market and try to sell for the most that you could?

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