Supply chain crisis not seen since WWII; retail DISASTER
Oct 20, 2021 23:44:31 GMT -5
Post by PurplePuppy on Oct 20, 2021 23:44:31 GMT -5
Supply chain crisis not seen since WWII when 'there were submarines sinking commercial traders' will bring retail DISASTER for Christmas: Resellers jack up toy costs by as much as 400% as goods fly off shelves and freight remains stranded
Unprecedented crisis hasn't been seen since WWII when 'there were submarines sinking commercial traders,' toy expert Jay Foreman says
This year's hottest toys are already selling out, with some resellers jacking up the prices by 400%
Thousands of freight containers filled with Christmas toys, decorations and more are stranded at California ports, where ships queue for weeks to unload
Biden administration has come under fire for its 'too little, too late' response to the backlog
Half of Americans haven't even started their shopping yet, a survey by Morning Consult found
Generation Z and millennial shoppers are likely to be most significantly affected by the supply shortage, another survey found
About 70 percent of younger shoppers said an item they wanted was already out of stock in stores and 72 percent said it was out of stock online
65% found an item to be backordered or delivery delayed
It's not just toys and goods: Food items could become harder to find as the holiday rush approaches and grocery sector faces its own supply chain crisis
Overall food prices are skyrocketing in the US: beef has jumped 12.2 percent during the past year and bacon increased 17 percent, DOL says
Meat, poultry, fish and eggs sold at an eight percent premium this year, with prices up 15.7 percent since August 2019
By MICHELLE THOMPSON FOR DAILYMAIL.COM
PUBLISHED: 12:21 EDT, 20 October 2021 | UPDATED: 14:09 EDT, 20 October 2021
The current supply chain crisis is one unseen since World War II when 'there were submarines sinking commercial traders,' an expert says, and it's bringing disaster for shoppers as items are being resold for more than double their cost and shipping delays mean more barren shelves.
Holiday shopping is expected to be especially fraught this year, as buyers contend with aggressive resellers and inflated prices - some jacking up toy prices by 400%.
Basic Fun chief executive Jay Foreman - who has been working in the toy industry for more than 30 years - said the current situation is unlike anything he's ever seen.
'I would predict that there's never been anything like this disruption in the global trade supply chain since World War Two,' he told DailyMail.com. 'And you know World War Two, with a global supply chain was upset because there were submarines sinking commercial traders. We had a war going on.'
The Biden administration has come under fire for its 'too little, too late' response to the backlog after it announced West Coast shipping ports would be running around the clock to ease bottlenecks in the system.
Toy flippers are already charging hefty premiums for sold-out products and computer chip shortages could leave some sought-after items back-ordered for several months, meaning kids who've requested them for Christmas could be left sorely disappointed on December 25 - just over two months away.
American Girl's sold-out blonde winter princess doll, which retailed for $250, is now going for up to $999 on platforms such as Mercari and eBay.
The cat-themed Gabby's Dollhouse, which is all the rage for this year's preschoolers, has nearly quadrupled on some sites from its original $55 price tag.
Factory closures in China, labor shortages in the U.S., a freight container shortage, and a port backup are among the reasons for retail chaos.
The troubles are compounded by a lack of truck drivers, warehouses unequipped to receive mass amounts of product, the rising cost of fuel and more, Foreman said. Supply chain crisis not seen since WWII when 'there were submarines sinking commercial traders' will bring retail DISASTER for Christmas: Resellers jack up toy costs by as much as 400% as goods fly off shelves and freight remains stranded
Unprecedented crisis hasn't been seen since WWII when 'there were submarines sinking commercial traders,' toy expert Jay Foreman says
This year's hottest toys are already selling out, with some resellers jacking up the prices by 400%
Thousands of freight containers filled with Christmas toys, decorations and more are stranded at California ports, where ships queue for weeks to unload
Biden administration has come under fire for its 'too little, too late' response to the backlog
Half of Americans haven't even started their shopping yet, a survey by Morning Consult found
Generation Z and millennial shoppers are likely to be most significantly affected by the supply shortage, another survey found
About 70 percent of younger shoppers said an item they wanted was already out of stock in stores and 72 percent said it was out of stock online
65% found an item to be backordered or delivery delayed
It's not just toys and goods: Food items could become harder to find as the holiday rush approaches and grocery sector faces its own supply chain crisis
Overall food prices are skyrocketing in the US: beef has jumped 12.2 percent during the past year and bacon increased 17 percent, DOL says
Meat, poultry, fish and eggs sold at an eight percent premium this year, with prices up 15.7 percent since August 2019
By MICHELLE THOMPSON FOR DAILYMAIL.COM
PUBLISHED: 12:21 EDT, 20 October 2021 | UPDATED: 14:09 EDT, 20 October 2021
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The current supply chain crisis is one unseen since World War II when 'there were submarines sinking commercial traders,' an expert says, and it's bringing disaster for shoppers as items are being resold for more than double their cost and shipping delays mean more barren shelves.
Holiday shopping is expected to be especially fraught this year, as buyers contend with aggressive resellers and inflated prices - some jacking up toy prices by 400%.
Basic Fun chief executive Jay Foreman - who has been working in the toy industry for more than 30 years - said the current situation is unlike anything he's ever seen.
'I would predict that there's never been anything like this disruption in the global trade supply chain since World War Two,' he told DailyMail.com. 'And you know World War Two, with a global supply chain was upset because there were submarines sinking commercial traders. We had a war going on.'
The Biden administration has come under fire for its 'too little, too late' response to the backlog after it announced West Coast shipping ports would be running around the clock to ease bottlenecks in the system.
Toy flippers are already charging hefty premiums for sold-out products and computer chip shortages could leave some sought-after items back-ordered for several months, meaning kids who've requested them for Christmas could be left sorely disappointed on December 25 - just over two months away.
American Girl's sold-out blonde winter princess doll, which retailed for $250, is now going for up to $999 on platforms such as Mercari and eBay.
The cat-themed Gabby's Dollhouse, which is all the rage for this year's preschoolers, has nearly quadrupled on some sites from its original $55 price tag.
Factory closures in China, labor shortages in the U.S., a freight container shortage, and a port backup are among the reasons for retail chaos.
The troubles are compounded by a lack of truck drivers, warehouses unequipped to receive mass amounts of product, the rising cost of fuel and more, Foreman said.
Full story at link
Unprecedented crisis hasn't been seen since WWII when 'there were submarines sinking commercial traders,' toy expert Jay Foreman says
This year's hottest toys are already selling out, with some resellers jacking up the prices by 400%
Thousands of freight containers filled with Christmas toys, decorations and more are stranded at California ports, where ships queue for weeks to unload
Biden administration has come under fire for its 'too little, too late' response to the backlog
Half of Americans haven't even started their shopping yet, a survey by Morning Consult found
Generation Z and millennial shoppers are likely to be most significantly affected by the supply shortage, another survey found
About 70 percent of younger shoppers said an item they wanted was already out of stock in stores and 72 percent said it was out of stock online
65% found an item to be backordered or delivery delayed
It's not just toys and goods: Food items could become harder to find as the holiday rush approaches and grocery sector faces its own supply chain crisis
Overall food prices are skyrocketing in the US: beef has jumped 12.2 percent during the past year and bacon increased 17 percent, DOL says
Meat, poultry, fish and eggs sold at an eight percent premium this year, with prices up 15.7 percent since August 2019
By MICHELLE THOMPSON FOR DAILYMAIL.COM
PUBLISHED: 12:21 EDT, 20 October 2021 | UPDATED: 14:09 EDT, 20 October 2021
The current supply chain crisis is one unseen since World War II when 'there were submarines sinking commercial traders,' an expert says, and it's bringing disaster for shoppers as items are being resold for more than double their cost and shipping delays mean more barren shelves.
Holiday shopping is expected to be especially fraught this year, as buyers contend with aggressive resellers and inflated prices - some jacking up toy prices by 400%.
Basic Fun chief executive Jay Foreman - who has been working in the toy industry for more than 30 years - said the current situation is unlike anything he's ever seen.
'I would predict that there's never been anything like this disruption in the global trade supply chain since World War Two,' he told DailyMail.com. 'And you know World War Two, with a global supply chain was upset because there were submarines sinking commercial traders. We had a war going on.'
The Biden administration has come under fire for its 'too little, too late' response to the backlog after it announced West Coast shipping ports would be running around the clock to ease bottlenecks in the system.
Toy flippers are already charging hefty premiums for sold-out products and computer chip shortages could leave some sought-after items back-ordered for several months, meaning kids who've requested them for Christmas could be left sorely disappointed on December 25 - just over two months away.
American Girl's sold-out blonde winter princess doll, which retailed for $250, is now going for up to $999 on platforms such as Mercari and eBay.
The cat-themed Gabby's Dollhouse, which is all the rage for this year's preschoolers, has nearly quadrupled on some sites from its original $55 price tag.
Factory closures in China, labor shortages in the U.S., a freight container shortage, and a port backup are among the reasons for retail chaos.
The troubles are compounded by a lack of truck drivers, warehouses unequipped to receive mass amounts of product, the rising cost of fuel and more, Foreman said. Supply chain crisis not seen since WWII when 'there were submarines sinking commercial traders' will bring retail DISASTER for Christmas: Resellers jack up toy costs by as much as 400% as goods fly off shelves and freight remains stranded
Unprecedented crisis hasn't been seen since WWII when 'there were submarines sinking commercial traders,' toy expert Jay Foreman says
This year's hottest toys are already selling out, with some resellers jacking up the prices by 400%
Thousands of freight containers filled with Christmas toys, decorations and more are stranded at California ports, where ships queue for weeks to unload
Biden administration has come under fire for its 'too little, too late' response to the backlog
Half of Americans haven't even started their shopping yet, a survey by Morning Consult found
Generation Z and millennial shoppers are likely to be most significantly affected by the supply shortage, another survey found
About 70 percent of younger shoppers said an item they wanted was already out of stock in stores and 72 percent said it was out of stock online
65% found an item to be backordered or delivery delayed
It's not just toys and goods: Food items could become harder to find as the holiday rush approaches and grocery sector faces its own supply chain crisis
Overall food prices are skyrocketing in the US: beef has jumped 12.2 percent during the past year and bacon increased 17 percent, DOL says
Meat, poultry, fish and eggs sold at an eight percent premium this year, with prices up 15.7 percent since August 2019
By MICHELLE THOMPSON FOR DAILYMAIL.COM
PUBLISHED: 12:21 EDT, 20 October 2021 | UPDATED: 14:09 EDT, 20 October 2021
333
shares
464
View comments
The current supply chain crisis is one unseen since World War II when 'there were submarines sinking commercial traders,' an expert says, and it's bringing disaster for shoppers as items are being resold for more than double their cost and shipping delays mean more barren shelves.
Holiday shopping is expected to be especially fraught this year, as buyers contend with aggressive resellers and inflated prices - some jacking up toy prices by 400%.
Basic Fun chief executive Jay Foreman - who has been working in the toy industry for more than 30 years - said the current situation is unlike anything he's ever seen.
'I would predict that there's never been anything like this disruption in the global trade supply chain since World War Two,' he told DailyMail.com. 'And you know World War Two, with a global supply chain was upset because there were submarines sinking commercial traders. We had a war going on.'
The Biden administration has come under fire for its 'too little, too late' response to the backlog after it announced West Coast shipping ports would be running around the clock to ease bottlenecks in the system.
Toy flippers are already charging hefty premiums for sold-out products and computer chip shortages could leave some sought-after items back-ordered for several months, meaning kids who've requested them for Christmas could be left sorely disappointed on December 25 - just over two months away.
American Girl's sold-out blonde winter princess doll, which retailed for $250, is now going for up to $999 on platforms such as Mercari and eBay.
The cat-themed Gabby's Dollhouse, which is all the rage for this year's preschoolers, has nearly quadrupled on some sites from its original $55 price tag.
Factory closures in China, labor shortages in the U.S., a freight container shortage, and a port backup are among the reasons for retail chaos.
The troubles are compounded by a lack of truck drivers, warehouses unequipped to receive mass amounts of product, the rising cost of fuel and more, Foreman said.
Full story at link