Majority of consumers feeling supply chain disruptions
83% of U.S. adults surveyed by Gallup reported noticing significant price increases in past two months
Bianco Research President Jim Bianco, Kaltbaum Capital Management President Gary Kaltbaum and Money Map Press chief strategist Shah Gilani on cryptocurrencies, gold and how the delta variant is impacting markets and the global economy.
Approximately 60% of Americans surveyed by Gallup say they have struggled to get products due to shortages, while roughly 57% have experienced significant delays in receiving a product they ordered.
Overall, the poll found that seven in 10 Americans have had at least one of these issues, while 46% have had both. Additionally, about 83% of U.S. adults surveyed have reported noticing "significant price increases" in the past two months.
The shipment delays and shortages have become a byproduct of COVID-19-related economic disruptions to manufacturing, shipping and labor supply that are expected to continue as the delta variant spreads.
CONSUMERS COULD SEE PRICES RISE AS WESTERN DROUGHTS WORSEN
While Americans in upper-income households earning $90,000 or more were found to be more likely than lower-income adults to report experiencing significant delays in product shipments, they were just as likely as households in lower income brackets to report being unable to get a product or noticing price increases.
The poll finds that 62% of households earning $90,000 or more reported they were unable to get products due to a shortage, while 63% said they experienced significant delays in receiving a product. For households making between $36,000 and $89,999, 62% reported being unable to get a product due to shortages while 55% reported shipping delays. As for households making less than $36,000, 58% reported product unavailability due to shortages while 48% reported shipping delays.
Meanwhile, 82% of households earning $90,000 or more reported significant price increases in the past two months, compared to 83% of households making between $36,000 and $89,999 and 81% of households making less than $36,000 reporting the same.
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Regionally, 62% of survey respondents in the West reported being unable to get a product due to a shortage, 58% reported significant delays and 84% significant price increases. In the South, approximately 61% of survey respondents reported shortages, 56% reported delays and 83% reported price increases. In the Midwest, about 60% reported shortages, while 58% reported delays and 79% reported price increases, and in the East, 58% reported shortages, 54% reported delays and 83% reported price increases.
Gallup surveyed 3,475 adults between July 19-26. The survey has a margin of error of plus or minus two percentage points.