The $500 Trader Joe’s Tote

Trader Joe's mini tote bags are the new Stanley cups. They're the latest mundane item to suddenly become all the rage, a "must have" accessory of the season that is not even close to a "must".

The bags, which cost $3 have become a hot commodity. TikTok videos show people descending on stores like packs of hungry wolves to get their hands on them.

The mania over the bags is indicative of just how fast today's consumer fads can come and go. With social media, it's a quick up, things go viral quickly, but they also die down pretty quickly. The four typical stages of the product life cycle — introduction, growth, maturity, and decline — are expedited. Platforms like TikTok and Instagram can kick these microtrends into high gear. Two factors play a role here:

1. Seeing a new or limited product gain popularity online among influencers, friends, and acquaintances induces a sense of urgency in consumers.

2. The opportunity to share online. People want to show off that they got the product.

If you got a coveted Trader Joe's mini tote bag, congratulations. May it live up to all your hopes and dreams!