NEW ORLEANS (Audacy) — “I think people will still celebrate the holidays. It’s just they’re going to have to be a little more strategic about it.”
That’s the prediction of Bankrate.com senior economic analyst Mark Hamrick regarding what to expect this holiday season, but he’s not talking about getting a gathering together amid the COVID-19 pandemic.
Rather, he’s suggesting that holiday shoppers might have a tougher time buying all the things on their gift-giving list, thanks to the supply-chain disruptions that continue to leave store shelves wanting for product.
“It is hoped that we’ll continue to work through the supply-chain disruptions which are, I would say, almost competing now with being as dramatic an impact on the economy as COVID itself. And that’s quite remarkable in so many different ways,” Hamrick said.
Hamrick said this problem will not dissipate by the time people are ready to start stuffing stockings and putting surprises under the tree.
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“I think the thought is that, perhaps, we can put some of the worst of that behind, but what you basically hear from the logistics people is that this is going to be lasting into the middle part of next year,” he said.
Hamrick also suggested that some outside-the-box thinking might be in order this year, with physical gifts perhaps needing to take a backseat in favor of less tangible but nonetheless thoughtful presents.
“Might be the year for gift cards,” Hamrick said.
“Buying gift-cards for experiences. I think there’s some pretty good bars and restaurants around where you are. I think consumers will continue to consume, but obviously the look of what their purchases will be may look a lot different.”
