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“Pent up demand is creating a classic demand-supply imbalance” says SteelHouse CEO Mark Douglas
Your everyday purchases are about to get a price hike by up to 300%. Why? Read on to find out.
Written by Melissa Yap
While customers aren’t letting up with the online shopping, they’re in for a sting, as pandemic-fueled supply issues drive the prices up on everyday purchases by up to as much as 300%. SteelHouse CEO, Mark Douglas, was interviewed on ABC News alongside industry experts from The Wall Street Journal and Founder and CEO of The Points Guy, Brian Kelly to provide their prospectives on this latest update.
“What’s happening is you have pent up demand due to COVID, combined with the fact that not all workers are back to work. So, that’s creating a classic supply-demand imbalance,” says Douglas. We can expect increases on everyday household items, as global consumer product companies like Proctor & Gamble hike prices by up to 4%-9% higher starting in September. This follows a similar price hike last month by competitor Kimberley-Clarke.
Vaccinated Americans looking to make their first big trip since the pandemic kept everyone holed indoors, are in for a shock – expect rental car rates to go up amid a shortage of fleet; the majority of which was sold off in the height of the pandemic as rental car companies struggled to make ends meet. Auto companies have also been forced to scale back production due to a shortage of auto parts, which had a domino effect on rental car prices. “In some markets like Hawaii and Florida, we’re seeing up to 300% increases – so the cost of your car can be way more than your flight,” says Kelly.