SAN DIEGO — Experts have been warning to get holiday shopping started plenty early this year amid challenges, including global supply chain issues and worker shortages.
Daniel Roccato, a clinical professor of finance at the University of San Diego School of Business, joined FOX 5 Wednesday morning to talk about strategies to help you get your hands on the gifts you want to give this holiday season.
“It’s going to be a challenge. We’re coming out of the pandemic, we’ve got global supply chain issues. We just can’t seem to get the products where they’re made to the shelves where they’re sold on time,” Roccato said. “Nike factories around the globe were closed, completely closed, for several weeks.”
Roccato said other companies have seen similar issues, so shoppers may find items like shoes out of stock when they hit stores to buy gifts.
“Toys will be hit particularly hard. Why? Because most toys come from China. Right now, we’ve got 60 cargo ships or so floating off the coast of Long Beach. They can’t make it into the port to get unloaded because we don’t have the dock space, we don’t have the truckers to move it off the dock.”
Roccato said this holiday season should be good when it comes to consumer spending, with Americans expected to hand over $1.3 trillion. That would be a record shopping season but part of it is higher prices as we see inflation at near-record highs compared to the last 13 years, Roccato said.
“We may be doing the same amount of shopping but we’re paying more for what we’re getting,” he said.
A few pieces of advice from Roccato: shop early, keep your receipts so you can get money back if items go on sale after your initial purchase, and take advantage of free shipping and cashback on credit cards.