The State of the Economy – And How It Could Impact Your Promo Orders

  • Sep 16, 2021

As you’re undoubtedly aware, the past year and a half has been a tumultuous time for the world economy. Economic challenges have been at the forefront of our news feeds. From historic supply chain issues impacting industries at every level, to shipping delays slowing down business, the economy has been majorly hindered by the ongoing pandemic.

How can you keep these issues from impacting your business or organization? Learn more about the current state of the economy – and its effects on the promo industry – so you can keep things running smoothly during the holiday season and beyond!

Current State of the Economy

Currently, the economy continues to be hindered by the effects of COVID-19. After a sharp drop in demand for goods during 2020, demand for products has steadily increased throughout 2021. This has contributed to the major supply chain bottlenecks many industries are experiencing.

Materials, shipments, and products are moving slowly as businesses deal with the following challenges contributing to supply chain delays:

  • Raw Material Shortages: From cotton for apparel production, to wood pulp for making cardboard and other paper products, raw material shortages are widespread in many industries. Labor Shortages: A variety of economic factors has led to a shortage of workers and low worker retainment in every stage of the supply chain, from sourcing to production to shipping. With fewer workers, business is slowed at every level.
  • Shipping Container Shortages: With an extremely high demand for imports at this time, there is a shortage of shipping containers used to transport products. This creates bottlenecks at the shipping stage, delaying transport for both raw materials and end-user products.
  • These issues have a direct impact on consumers, including low inventory, longer fulfillment times, and rising prices.

Impact on the Promo Industry

Supply chain issues and delays across industries remind us just how interconnected our world can be! From sourcing raw materials to producing end-user friendly items, many industries depend on each other to keep business moving. And the promo product industry is no exception.

Low inventory levels, longer transit times, and increased pricing are some of the major supply chain woes affecting the promo industry – and impacting consumers. For promo suppliers in both the U.S. and overseas, a high demand for imports has created further clogs in the supply chain.

These issues have the following results for promo product buyers:

  • Limited rush capabilities and no 2-day service
  • Longer shipping times and shipments subject to sudden changes
  • Other delays due to limited product stock and inventory
  • Increased product prices due to raw material and shipping costs

How to Navigate These Issues

Being proactive is the number one way to avoid supply chain complications impacting your business. Placing orders for your end-of-year gifts and promotions can’t wait. The fourth quarter is always a busy time of year – and in 2021, ordering before Q4 is more important than ever.

So don’t wait until it’s too late! Begin planning as soon as you can. Decide what your end-of-year promo needs are, such as client gifts, employee appreciation, event promos, and so on. Then, browse products to brainstorm the best options. Or reach out to us for personalized recommendations! Then, place your order as soon as possible so you can ensure a successful holiday season.

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