Gray Market (Noun)
Meaning
An unofficial market in which goods are bought and sold at prices lower than the official price set by a regulatory agency.
Classification
Nouns denoting acts or actions.
Examples
- The new smartphone was only available on the gray market for months before it was officially released in the country.
- Many consumers turned to the gray market to purchase cheaper versions of the popular video game console.
- The government has been cracking down on the gray market for counterfeit designer handbags and shoes.
- The company's stock price plummeted when it was discovered that its products were being sold on the gray market at significantly lower prices.
- Travelers often purchase goods on the gray market in foreign countries to avoid paying high taxes and duties.