Waiting until Black Friday to start your holiday shopping this year could be a costly mistake. According to a recent report from investment bank Raymond James, strategists expect global supply chain issues to pick up in the second half of 2021, Money reports.
Industries have been unable to keep up with rapidly shifting supply chains driven by changing consumer demand. Tavis McCourt, institutional equity strategist at Raymond James, told Money that these supply chain issues are due to the pandemic slowing manufacturing supply in countries like Vietnam and Malaysia, but that the issue could spread as the year progresses.
According to Symbia Logistics — a Colorado-based warehousing, logistics and e-commerce fulfillment company — this has caused the average transport time to double from 14 days the previous year to 33 days.
The spread of the delta variant has only worsened the situation, slowing down the movement of supplies around the globe. “Supply chain issues have been front and center for retailers from the very beginning of the shutdowns,” Katherine Cullen, senior director of industry and consumer insights at the National Retail Federation, told Money.
Demand for shipping space is being driven by big retailers such as Amazon and Walmart that are rushing to restock shelves, the Wall Street Journal reported. Cullen also told Money that retailers are adjusting by bringing in goods early or via air rather than shipping.
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What does this mean for your holiday shopping? Don’t wait until the last minute and pay attention to what retailers have in stock and what’s been difficult to keep on the shelves. According to Cullen, it could take longer for items to arrive and it may be more difficult to find what you need in stores.
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Last updated: August 18, 2021