Observe price changes from all perspectives, including wholesale prices, corporate inventory disposal, and personal transactions, regarding mask bubbles.

Shoichi Co., Ltd. Inventory disposal business shoichi Co., Ltd. (Tokyo / Osaka, HP: https://shoichi.co.jp/) conducted 50 “mask inventory disposal” monthly in September 2021 regarding the mask bubble this time. We observed price changes from all perspectives, including regular wholesale prices, corporate transactions, corporate inventory disposal, discount prices, and individual transactions. We will send you this interesting and socially confusing event as a report through the voice of the field so that it will never happen again. We are an inventory disposal company, and as an inventory transaction data company, "Inventory Bulletin.com" (HP: https://zaikosokuho.com/), "Auction Price Market Research Institute" (HP: https://auc1.net) /), is operated. We receive many inquiries regarding inventory disposal, and we handle 50 cases of "mask inventory disposal" per month (results in September 2021) as an inventory disposal company. Regarding the mask bubble this time, it was very easy to understand because I was able to see the price changes from all perspectives, such as regular wholesale prices, corporate transactions, corporate inventory disposal, discount prices, and individual transactions. We will send you this interesting and socially confusing event as a report through the voice of the field so that it will never happen again. ■ Outline of mask price transition survey report [Survey method] Our purchase price data, price transition data analysis of survey tool (stock bulletin.com) [Survey target data] Our purchase price data, survey that was traded for inventory disposal within the survey period Price transition data for tools (stock bulletin.com) [Survey period] October 2019 to the end of September 2021 [Number of target inventory disposal transactions] 734 ● October 2019 (Price per sheet 1 of 50 masks in a non-woven box) (Price) Over-the-counter retail price: 10-20 yen (Available as much as you want) Regular manufacturer wholesale price: 5-8 yen (Purchased as much as you want) Stock disposal price: * Around 1 yen Stock disposal Inquiries Monthly number: 3 ● 2020 January (Price per sheet) Price per sheet 50 masks in a non-woven box) Retail price: 20-30 yen (Slightly out of stock) Regular manufacturer wholesale price: 5-8 yen (Sold out Some manufacturers do not accept orders Also) Stock disposal price: * Around 3-5 yen Stock disposal inquiries Monthly number of inquiries: 5 ● April 2020 (Price per sheet Price of 50 masks in a non-woven box) Retail price: 50-70 yen (Store) (Slightly out of stock) Regular manufacturer wholesale price: 20-30 yen (Some out-of-stock manufacturers do not accept orders) Stock disposal price: * 10-30 yen Stock bulletin.com Average distribution price: 63-80 yen (Details: https:: //zaikosokuho.com/stats/mask) Stock Bulletin.com Lowest Price: 49-57 yen (Details: https://zaikosokuho.com/stats/mask) Stock Disposal Inquiries Monthly Number: 0 ● Late May 2020 (Price per sheet 50 masks in a non-woven box) Retail price: 40-50 yen (Slightly out of stock) Regular manufacturer wholesale price: 20-25 yen (Some out-of-stock manufacturers do not accept orders) In stock Disposal price: * 20-25 yen Stock bulletin.com Average distribution price: 22-30 yen (Details: https://zaikosokuho.com/stats/mask) Stock bulletin .com lowest price: 16-21 yen (Details: https) //zaikosokuho.com/stats/mask) Stock disposal inquiries Monthly number: 10 ● August 2020 (Price per sheet 50 sheets in non-woven box 1 sheet price) Over-the-counter retail price: 20-30 yen (over-the-counter out of stock) (Slightly) Normal manufacturer wholesale price: 15-20 yen (Some out-of-stock manufacturers do not accept orders) → Around this time He started to arrive here and there, but since it was a product purchased for 20-30 yen in April, the movement almost stopped. Stock disposal price: * 10-15 yen Stock bulletin.com Average distribution price: 10-18 yen (Details: https://zaikosokuho.com/stats/mask) Stock bulletin .com lowest price: 4-8 yen (Details: https://zaikosokuho.com/stats/mask) Monthly inventory disposal inquiries: 30 ● September 2021 (Price per sheet 50 sheets in a non-woven box Mask price) Over-the-counter retail price: 10-20 yen Regular manufacturer Wholesale price: 3-5 yen Inventory disposal price: * 0.8-1.5 yen Inventory bulletin.com Average distribution price: 8-9 yen (Details: https://zaikosokuho.com/stats/mask) Inventory bulletin .com lowest price: 2-3 yen (Details: https://zaikosokuho.com/stats/mask) Monthly inventory disposal inquiries: 50 ■ -Signs of soaring-October 2019-February 2020 Yamamoto: The mask bubble was really amazing .. It was a phenomenon exactly as the word "speculation". This time, the mask, a product that was supposed to be everywhere, suddenly increased in value due to the extraordinary phenomenon of corona, and the balance between supply and demand was greatly disrupted. Nozaki: When did President Yamamoto hear about Corona? Yamamoto: A business partner who often trades with China jokingly said, "It seems that a cold like SARS is prevalent in China. Maybe Japan will come." remember. Around December, there was a person who bought it saying, "Maybe the price of the mask will rise a little like the time of SARS." Nozaki: In January, there were signs that the price of masks would rise, and there were no suppliers at all, so I started looking for suppliers. Fortunately, when I found a supplier, everyone started ordering from China. Some people bought a lot of the remaining manufacturer's inventory at that time, thinking that the corona turmoil would soon subside. Yamamoto: People who could order a lot of masks at that time have a great sense. At shoichi, I remember saying that it would be calm in March. He used to buy masks at the time of SARS, and there were many people who were late to escape because they had masks in stock, so he said, "Never have stocks." Yamamoto: At that time, how much was the mask in October 2019 and January 2020? Nozaki: October 2019 (Price per sheet, price per sheet of 50 masks in a non-woven box) Over-the-counter retail price 10-20 yen (Available as much as you want) Regular manufacturer wholesale price 5-8 yen (Purchased as much as you want) Stock disposal Price * Around 1 yen ↓ January 2020 (Price per sheet 50 masks in a non-woven box) Retail price 20-30 yen (Slightly out of stock) Regular manufacturer wholesale price 5-8 yen (Sold out Depending on the manufacturer Stock disposal price * Around 3-5 yen ■ ～ Towards the highest price Golden Week ～ February-April 2020 April 2020 (Price per sheet Price of 50 masks in a non-woven box) ) Over-the-counter retail price 50-70 yen (Over-the-counter out of stock) Normal manufacturer wholesale price 20-30 yen (Some out-of-stock manufacturers do not accept orders) Stock disposal price * 10-30 yen Inventory bulletin.com Average distribution price 63- 80 yen (Details: https://zaikosokuho.com/stats/mask) Stock Bulletin.com Lowest price 49-57 yen (Details: https://zaikosokuho.com/stats/mask) Nozaki: Although the price is higher than the manufacturer , There was no problem even if I bought it at this unit price because the actual item was in short supply. Until just before GW. The price hike from February to May 2020 was really amazing. Yamamoto: With the prevalence of corona in China earlier, trading company sources who are well-versed in overseas situations were grasping information. Even so, the masks were bought up so much that the trading company could not respond in time, the price soared, and it was not even available. We had received an order, but the delivery was from August to the end of the year. Nozaki: The price was rising every day. Yamamoto: There were many stories like fraud. A company that has nothing to do with China has placed an order with China and lost contact. I transferred the money, but the product did not arrive, and it was delivered around July. Anyway, there were many suspicious and dangerous stories about transferring money first. Nozaki: The president was about to get caught (laughs) Yamamoto: At that time, everyone stopped me with all my might. "President, masks are already speculative products. Let's stop doing it. We are an inventory disposal company, aren't we?" Nozaki: The media coverage was amazing. Also, everyone was worried about Corona, and the store declared an emergency, so sales were not high, and the only thing to sell was masks. I think this is big. Others included out-of-stock non-woven fabric, which is the raw material, buying by the general public, and buying up resellers. Yamamoto: There is also a sharp rise in purchasing prices. At that time, there were many talks about buying masks for 20 to 30 yen. When I asked if I could make a mask at an apparel factory, I was told, "Non-woven fabrics are more than three times as expensive as before in China." Even on the Chinese side, the price that can be made is soaring, and the lowest wholesale price on the Chinese side is 20 yen, so if you put it on the distribution, the wholesale price will be 30 yen and 40 yen. Since it will be sold from there, it will be 50 yen per sheet and 3000 yen per box. I think the Japanese traders were less profitable than they thought about the risks. Even so, it sold like a fly, so everyone ordered. Nozaki: The maximum price is 4000 yen per box. It was 80 yen per sheet. As the president said, the purchase price of the primary vendor was about 30 yen when I entered Japan, so I think it would have been about 50 yen if two vendors were used for distribution. From there, a profit margin of 35% and a profit margin of 70 to 80 yen is not strange as a business figure, but it is clearly abnormal. Yamamoto: "I didn't feel any risk because it sold like a fly," and "I didn't have anything to sell other than masks." I think these two points. Nozaki: The quality of the product was also amazing. Even though it is a three-layer mask, there is only one layer (laughs) First, when the story of the mask came, I tried pulling the string a little hard to see if the string could be removed. I put scissors in the mask and checked if there were 3 layers properly. Most of the boxes were in Chinese. Yamamoto: As we approached Golden Week, there were more and more talks about being able to order in Japanese boxes. At that time, the boxes written in Chinese and English had an atmosphere of "dangerous". Nozaki: When I saw a reseller stacking mask boxes in Chinese on TV, I thought that this would one day be disposed of by shoichi. Yamamoto: At that time (February-March 2020), shoichi was talking about "Is it okay for masks to soar so much?" And did a 1-yen campaign. First: 1 mask 1 yen / 10,000 "For those who really need it" lottery sale! (February 4th to 12th, 2020) https://shoichi.co.jp/%E3%83%97%E3%83%AC%E3%82%B9%E3%83%AA%E3% 83% AA% E3% 83% BC% E3% 82% B9 / pr35.php 2nd: 1 mask 1 yen lottery sale campaign 2nd! (March 5th to 20th, 2020) https://shoichi.co.jp/%e3%83%97%e3%83%ac%e3%82%b9%e3%83%aa%e3% 83% aa% e3% 83% bc% e3% 82% b9 /% e3% 80% 90pr% e3% 80% 91-% e3% 83% 9e% e3% 82% b9% e3% 82% af1% e6% 9e% 9a1% e5% 86% 86% e6% 8a% bd% e9% 81% b8% e8% b2% a9% e5% a3% b2% e3% 82% ad% e3% 83% a3% e3% 83% b3% e3% 83% 9a% e3% 83% bc% e3% 83% b3% e3% 80% 80% e7% ac% ac2% e5% bc% be% ef% bc% 81.php Nozaki: The campaign is awesome I was buzzing. I want to do more things that are good for such a society. ■ ～ Resale prohibition decree was meaningless ～ On March 15, 2020, buying up masks for resale and high-priced resale became a problem, and the decree to revise a part of the "National Life Stabilization Emergency Measures Law Enforcement Ordinance" , The resale of masks was prohibited. Consumer Affairs Agency: Remarks by Minister of State for Consumer Affairs and Food Safety Eto at the post-Cabinet Ministerial Meeting on March 10 https://www.caa.go.jp/about_us/minister/eto_message_003/ Nozaki: Nessie, Super If it was a delivery or selfish site, I could buy it at a high price. Even if sales are restricted by Mercari. I don't think there was any point in regulation. Yamamoto: It felt like Mercari, Yahoo, and Rakuten were blocked, and a small site was profitable. ■ ～ From GW like an avalanche ～ May-August 2020 Late May 2020 (Price per sheet 50 sheets in a non-woven box Mask price) Over-the-counter retail price 40-50 yen (Over-the-counter out of stock) Regular manufacturer Wholesale price 20-25 yen (Some out-of-stock manufacturers do not accept orders) Stock disposal price * 20-25 yen Inventory bulletin.com Average distribution price 22-30 yen (Details: https://zaikosokuho.com/stats/ mask) Stock Bulletin.com lowest price 16-21 yen (Details: https://zaikosokuho.com/stats/mask) ↓ August 2020 (Price per sheet 50 sheets in a non-woven box Mask price) Over-the-counter retail price 20-30 yen (slightly out of stock) Regular manufacturer wholesale price 15-20 yen (some out-of-stock manufacturers do not accept orders) → It started to arrive from around this time, but since it is a product purchased for 20-30 yen in April The movement has almost stopped. Inventory disposal price * 10-15 yen Inventory bulletin.com Average distribution price 10-18 yen (Details: https://zaikosokuho.com/stats/mask) Inventory bulletin .com lowest price 4-8 yen (Details: https: / /zaikosokuho.com/stats/mask) Nozaki: Golden Week was just a watershed. Those who ordered masks just before Golden Week and who did not sell the products even in the red were all in stock. Yamamoto: I remember. Even within shoichi, he was talking about "Never carry over Golden Week." Nozaki: It was also during Golden Week that reports began to appear that each manufacturer would strengthen its production system. As I said earlier, the price has clearly fallen, partly because the supply has increased further, including the awakening of resale fever and the alleviation of fear. Takahashi: If it goes down, the price will go down at once like a circuit breaker, and everyone wants to sell it even if they go down. Since the price of 2000 yen per box came out after Golden Week, it dropped to about 40 yen. From there, the price will drop by 1 yen per day for each day. Nozaki: Around the summer, in August 2020, products that cost less than 1,000 yen per box began to appear. Yamamoto: That's right. So, poor quality Chinese products were at a disadvantage to the transaction. ■ ～ Summary Current price ～ September 2020 ～ September 2021 Late September 2021 (Price per sheet Price of 50 masks in non-woven box) Over-the-counter retail price 10-20 yen Regular manufacturer wholesale price 3-5 Yen Inventory Disposal Price * 0.8-1.5 Yen Inventory Bulletin.com Average Distribution Price 8-9 Yen (Details: https://zaikosokuho.com/stats/mask) Inventory Bulletin.com Lowest Price 2-3 Yen (Details: https: https: //zaikosokuho.com/stats/mask) Yamamoto: How much has it fallen from there? Nozaki: Right now, it's as above. I don't come to inquire about whether the Chinese boxes are exhausted in Japan. Yamamoto: What is the current status of mask inventory disposal? Nozaki: There are many. I think that the number of coronas used is increasing because it is originally a corona, but it is the state from this spring to the present that the supply has greatly exceeded the number and demand originally used. In addition to the makers of masks, general stores and apparel also started making masks. There is also a stock of masks that I made too much last year. At the end of September, even if the corona is restless, I think that the mask supply is sufficient by major manufacturers. Yamamoto: Sales of everyday goods have increased from last year, but sales of masks seem to have decreased. Nozaki: Inventory disposal products are also on the market, and the average sales unit price is declining. I think that the number of sheets is selling, but not the amount of money. The unit price is lower than last year, so even if the number of products is the same, the sales amount will be lower. Yamamoto: At inventory bulletin.com, the lowest price for masks is 2 yen. A box of 50 pieces costs 100 yen. This is cheaper than before Corona. Shoichi Co., Ltd. continues to receive requests to purchase masks for inventory disposal. Nozaki: There were up to 300 million projects. The other party's hope was 10 yen per sheet, so 3 billion yen. At this time of year, it wouldn't be strange to dispose of the stock, but the fact that I wanted 10 yen was probably bought at a high price. Yamamoto: The price at which shoich buys and sells in-stock items and ordinary non-woven masks is about 0.8 to 1.5 yen per piece. When combined with the distribution cost, it is a very understandable price of 2 to 3 yen per piece of inventory bulletin.com. Inquiries regarding this matter [shoichi, Inc.] Representative: Shoichi Yamamoto Osaka Headquarters: 〒541-0054 2-6-5 Minamihonmachi, Chuo-ku, Osaka City First Senba 301 Tokyo Branch: 〒107-0061 Minato-ku, Tokyo Kita Aoyama 3-2-7 Aoyama TDS Building B1,3,4FURL: https://shoichi.co.jp/ Inquiries: 050-3151-5247MAIL: shoichiya@shoichi.co.jp

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