(Image Source: AP)
Ongoing supply chain disruptions are here to stay through 2023, Paul Zahra warned. The Australian Retailers Association boss has also urged customers to expect the effects of inflation despite efforts from stores to keep the prices down. This comes after the forecast of a jump in October’s retail sales following the easing of lockdown restrictions in Australia.
Staff shortages and lingering supply chain problems appear to be the two main challenges faced by retailers. “What we do know is that every ship in the world is currently in transit or being loaded up. It’ll take till 2023 before that backlog will clear,” Mr. Zahra told the press.
According to the Australian Retailers Association, a record of $5.4 billion will be spent over the Black Friday, Cyber Monday weekend. Individuals have been encouraged to take advantage of the four-day shopping bonanza to get ahead on their holiday shopping. “If you see something you like, you’re best to buy it because it’s unlikely to be there when you visit the store the next time,” said Mr. Zahra.
While the supply chain woes were also a concern for Dr. Shane Oliver, he thinks that “we may be starting to pass through the worst of it.” This comes as the Chief Economist at AMP Capital spotted a decline in the price of semiconductors, shipping costs, coal and oil.