How do locals know which market has the most serious buyers?
Markets are communities before they are locations.
Two markets can sell similar products while feeling completely different.
The hidden mechanism is customer self-selection. Over time, shoppers choose markets that match their priorities, whether those priorities are price, quality, variety, or convenience.
Imagine one market filled with restaurant buyers arriving before sunrise and another dominated by casual weekend shoppers. The products may overlap, but the atmosphere and expectations do not.
A second-order effect develops because vendors adapt to their customers. Serious buyers attract specialized vendors, and specialized vendors attract even more serious buyers.
People often think markets create their customers. Often, customers create their markets.
