Could There Be A School Supply Shortage? Experts Advise To Shop Early
It's hard to believe it's actually August, and the start of another school year is just around the bend. Stores are already stocking shelves with notebooks and binders in anticipation of parents and kids showing up with a class list of supplies in hand for the upcoming school year.
This year, according to experts, may be a bit challenging for back to school shoppers due to a possible shortage of school supplies. Although this year is set to break spending records, supplies may actually be tough to find.
The National Retail Federation is expecting back-to-school spending to set a record topping $37 million this year.Total back-to-school spending is expected to be up from $33.9 billion last year and an all-time high in the survey's history.
NRF estimates that the average family will spend an average of $849 on back-to-school items, but some experts are worried there won't be the supply to meet the demand. According to WXYZ Channel 7 in Detroit, experts fear chip shortages could impact the inventory of electronics,and demand for sneakers could outpace production along with overall worker shortage. The bottom line is, you need to shop early.
“We are experiencing higher sales, earlier than normal,” Frank Guglielmi, the Senior Director of Corporate Communications for Meijer told WXYZ.
In fact, expert are actually saying 59% of the estimated back-to-school shopping has already been spent. Parents and kids may find the supplies, but in some cases not exactly what they wanted as the selections may be reduced.
“While we are unlikely to see apocalyptic shortages, the continued pressure on supply chains means that not all retailers will get an optimal amount of supply,” said Neil Saunders, managing director of consultancy GlobalData Retail. "What this means is consumers will have less choice, and some may not be able to get exactly what they want, especially towards the end of the back-to-school season."
So if your child MUST have the one blue backpack with the red detail, or that bright orange binder, we suggest you start shopping now to avoid any disappointments.
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