I’m sure most of the world will be fixated on various financial corrections in global markets but I spent a chunk of my day dealing with currency changes (that will be 7% of your withdrawal thank you) that reflect nonsense from monetary arbitrages, regulatory graft and foreign exchange transactions so I’m in absolutely no mood.
Then I went to what counts as the diplomat and foreign money mall and got Pizza Hut, frozen yogurt and Korean skincare. I don’t even like Pizza Hut but I was so sick of managing dislocations and figured I’d rather send it back to America. My patriotic consumption for the day.
I don’t know if it’s an urban legend that our military can deploy food franchises in twenty four hours in a conflict zone but we sure seem to figured out emerging markets.
It’s a shame we won’t let some markets emerge and be shaped by pressures. The vape kiosk was doing a brisk business and I was frustrated to see the owner of the favored electric vape was based in Shenzen. What an opportunity lost for American brands.
I’d say half the parking lot was Mercedes and the other half was BYD if that counts for anything. I haven’t seen an abundance of American cars and I think we all know why.
But then my savior was found in a brightly colored kiosk with no customers at all. A swath of Korean skincare brands that proved to be authentic. Blessedly many global K beauty brands have adopted QR codes to manage the misuse.
I am adapt at spotting packaging dupes and frauds thanks to the de minimus years importers of fakes flooded Amazon, eBay and other retailers with third party resellers.
Everything was half off as at their full retail price they were still not moving. I scooped up $30 bucks of masks from brands like Mishha and Some By Mi. My skin was fully irritated by smog, stress, and wider disappointment. The globalization era is in full swing in plenty of markets but everyone gets their cut. If a brand doesn’t command a local market then an enterprising consumer can enjoy a temporary mispricing. Sometimes this mispricing last for far too long.
Incumbents have strange advantages they are loathe to give up. I came out angrier at banks than usual, as angry at central banks as ever, and very pleased that the local consumer base wasn’t yet wise to the benefits of a product that commands a premium elsewhere. I might go get more.