It’s always a good idea to get your holiday shopping done early, but this year it’s more important than ever. The COVID-19 pandemic has caused a microchip shortage and supply chain issues. This means electronics, toys, and other products will be (or already are) in short supply.
Supply shortages, in turn, result in fewer holiday bargains and higher than normal prices. Sticking to your budget and scoring all the gifts on your list will be harder than usual. To make your holiday shopping a success this year despite the challenges, BBB recommends the following tips.
Know what products stores might run out of. Millions of everyday products use microchips to function. 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. Think through your holiday list and identify must-haves that are impacted by the shortage.
Start shopping earlier than usual, and don’t wait until Black Friday. Certain products may already be sold out by November, according to some retailers.
When you find a good deal, don’t wait to buy. Good deals will be harder to find this year, so if you find a product in stock at a good price, take advantage right away.
Budget your holiday shopping without expecting sales. Supply chain problems mean many retailers have had to pay more than usual for inventory and can’t offer the same bargain prices they did last year. In fact, many products that use microchips have already gone up in price, so plan your budget accordingly.
Have a backup plan. Because so many household items use microchip technology, some retailers already have products backordered into 2022. If the toy you wanted for your kids is not available or too expensive, keep in mind that the present shortages only affect certain kinds of gifts. Plush toys, outdoor toys, and action figures sans electronic features should stay in stock and reasonably priced this year.
