NASHVILLE, TN (WSMV) - In one way or another, you've likely been impacted by the recent number of shortages — from gas, to lumber, to chips in cars, and yes, even chicken wings.
Andy Borchers with Lipscomb University’s College of Business says shortages come down to a couple of factors.
“Whether it’s the pipeline, whether it’s COVID shutting down factories, we’ve had disruptions in the supply chain,” Borchers said. “The second thing is we've had changes in consumption.”
So how do you deal with the compromise to the supply chain? Experts like Kelly Goldsmith, associate marketing professor at Vanderbilt University, say it’s going to take patience from consumers until the supply meets the demand.
“It’s just going to be a situation where we have to wait it out because most consumers most of the time — we can’t change the supply chain and certainly can wind the clock back six months and make people, and ingredients, or durable goods exist now that didn’t exist then,” Goldsmith said.
She says overall consumption has also shifted.
“Now you’ve got a certain population of people who has pent up demand in terms of the things they want to buy and also some money in their pocket to do it,” Goldsmith said.