Companies are warning people to shop early or risk not finding the gift they want to buy this holiday season.
UC Davis Economist Kadee Russ says from restaurants and grocery stores to construction companies and car manufacturers, the pandemic’s widespread effects on global supply chains have caused shortages, price hikes and layoffs. She warns there's no need to go into panic buying mode, but it may be wise to plan ahead. Holiday gift sales in November and December are expected to grow by seven percent from a year ago, according to forecasts from companies like Mastercard. National chain store Home Depot sold out of an early release of Halloween decorations this year, an indicator that inventory gaps may repeat during busier holiday shopping periods to come.
Here in the U.S., major ports are overwhelmed by shipping containers filled with goods that are waiting to be trucked or shipped away. The country’s third-largest container port, Savannah, Georgia, has 50% more containers stacked in its harbor than usual, for example.