Overcoming Black Friday hurdles of inflation and supply chain backups
COLLIERVILLE, Tenn. (WMC) - As the sun set on Black Friday in the Mid-South, shoppers loaded up the bulk of their holiday shopping for the day.
This year, several roadblocks had to be overcome on both ends of the retail business: inflation for shoppers and supply chain issues for stores.
For Bradley Patterson’s store Bricks and Minifigs at Carriage Crossing, there was definitely that quintessential Black Friday look on the morning of.
“There were people at the door waiting to come in before we even opened up, so it was a good experience,” said Bradley Patterson, owner od Bricks and Minifigs.
That’s probably because the store sells the timeless product, LEGOs, a product that’s fallen under the massive inflation umbrella over the past several months.
“They have some, not as extreme as say gasoline, but it is a petroleum product,” said Patterson.
The latest numbers from the Federal Reserve show inflation is up once again, across the board.
In October, the price of goods is up 7.3 percent from September and the price of services up 6.3 percent. Over the last year, energy and utility costs are up over 30 percent (30.2) and food almost 5 percent (4.8).
Excluding food and energy prices, core personal consumption spending increased 4.1 percent from last year.
It’s the highest hike in 30 years.
Many shoppers told us they chose Black Friday to cover the bulk of their holiday shopping list and get the most bang for their buck.
”a lot of sales, being Black Friday, so I was able to keep [the total price] down pretty good,” said shopper Roslyn Jackson. “I had it narrowed down to what I needed to get.”
Pairing that with the supply chain crisis, Patterson made sure his shelves could be stocked, ordering as early as the summer on holiday items to build a nice stockpile for days like Black Friday.
His supply has been “chipped away” at, but he’s optimistic his store will ride the wave of holiday shopping.
“Foresight is a lot of it, and we saw where the supply chain breakdown was going. We wanted to accommodate for that and make as many phone calls and purchase anywhere that we could to accommodate the season.”
The Federal Reserve says it expects, at the most, one more inflation hike next year, but that’s pending its upcoming December Federal Open Markets Committee meeting, where they discuss everything from the nation’s GDP growth to the unemployment rate.
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