Have you ever wanted to buy a product when you are travelling overseas to bring it back to Singapore to sell them on Carousell and earn the difference even if it isn’t much? I know I do.
I was in Melbourne, Australia last year when Nintendo Switch was released, it was selling about $80 cheaper than it was in Singapore. Wanted to make that quick buck but in the end, I couldn’t bear to part with A$300++, that’s a lot of money for me!
But it got me thinking, why is it cheaper in Australia than it is in Singapore for that same product? And why doesn’t the law of one price that I’ve learned in Economics class doesn’t hold?