Definition

Noun: * The practice of charging excessively high prices for goods or services, typically during a time of crisis, emergency, or shortage when demand is high and consumers have few or no alternative options for purchase.

Usage

This term is used to describe an unethical or exploitative business practice. It is most commonly applied to essential goods and services (like food, water, fuel, or shelter) during situations such as natural disasters, wars, or pandemics. The term carries a strong negative connotation, implying unfairness and taking advantage of consumers' urgent needs.

Examples

• After the hurricane, there were widespread reports of price gouging for bottled water and generators.
• The state's attorney general is investigating several gas stations for alleged price gouging.
• A new law was passed to prevent price gouging on prescription medications.

Advanced Usage

• "to engage in price gouging": This verb phrase describes the action of a seller.
  • Several landlords were accused of engaging in price gouging after the flood.
• The concept is often discussed in legal and economic contexts concerning market regulation, consumer protection, and ethics during supply shocks.

Variants and Related Words

• Gouge (verb): To charge (a customer) too much money; to swindle. (e.g., )
• Profiteering (noun): The practice of making a profit by unethical methods, such as raising prices during an emergency. This is a close synonym but can involve a wider range of unethical profit-seeking behaviors.

Synonyms

• Exploitative pricing
• Profiteering
• Extortionate pricing

Antonyms

• Fair pricing
• Competitive pricing
• Discounting

Related Phrases

• Price gouging laws/statutes: Regulations that prohibit selling certain necessities at an "unconscionably excessive" price during a declared state of emergency.
• Anti-gouging measures: Actions taken by authorities to prevent or punish price gouging.

Noun

1. pricing above the market price when no alternative retailer is available