Holiday shopping could be difficult. Experts: Do it early
Do your holiday shopping early. Supplies of the items you want most might be tight.
“The highest demand items will likely sell out early in the holiday season,” said Scott Rankin, advisory industry leader for consumer and retail at KPMG, a tax, audit and advisory firm.
There’s no one culprit. Finished products are often stuck in ships that are waiting to be unloaded. Then there’s a problem getting them from port to store to home. Items that need semiconductors and certain raw materials are still reeling from cutbacks during the COVID-19 pandemic.
“There could be shocks on supply and demand,” said Mary Lovely, senior fellow at the Peterson Institute for International Economics in Washington.
Added Rankin, “In a world where (suppliers) couldn’t forecast demand many shut off their supply chains. They didn’t want to lay out the cash, get hung up with inventory. The world sort of went on pause.”
The economy has recovered, he said, but “you can’t simply flick a switch and get the supply chain back to normal.”
If someone wants a unique product, the experts said, buy it now.
“While inventory levels should be more than adequate to match demand, there are bound to be shortages in some categories,” said Danielle Inman, senior director of media relations at the National Retail Federation.
Here’s the outlook for some popular items:
ELECTRONICS
“If it’s got an on/off switch,” it will probably be difficult to find just what you want, Lovely said.
“Computers, gaming systems, smart appliances, cameras, and toys that feature light, sound, motion, or any kind of tech all use microchips, meaning many manufacturers are already struggling to keep up with the demand for their products,” said the Better Business Bureau.
TOYS
Asked what toys parents should look for right away, Adrienne Appell, spokeswoman for the Toy Foundation, said, “Anything really your kid has their heart set on … there’s not one particular category that is being affected.”
FOOD
Grocery stores have reported spot shortages, but the advice is the same: If you want something special, go early.
CLOTHING AND SHOES
The good news is that “most people are not set on one brand” of clothing, Lovely said. But if they want something specific, that could be a problem, depending on where the item is made.
“If you can’t get the Air Jordan Ones you want, you’ll find lots of other substitute products. It’s not as if there’ll be no product across the category,” Rankin said.
But that’s the same issue confronting holiday shoppers with so many products. Asked whether she was going to shop early, Lovely answered quickly: “I am.”