Port Strike Sparks Panic Buying at Major Retailers Nationwide
The article discusses the recent strike by dockworkers along the East Coast and Gulf Coast of the United States, the first major strike of its kind since 1977. The strike has led to widespread panic buying, particularly of essentials like toilet paper and paper towels, despite the fact that these items are primarily made in America. Many shoppers are experiencing shortages, reminiscent of the COVID-19 pandemic’s early days, with reports of empty shelves in stores.
Experts warn that the longer the strike continues, the more significant the impact on various imports and the prices of everyday items, as transportation delays on goods shipped by sea become more pronounced. For instance, prices of some products are expected to rise between 20% and 200% due to limited availability.
The strike could also create a ripple effect, potentially leading to shortages of other items, such as bananas, which are imported primarily through affected ports. Economists predict that if the strike lasts more than a couple of weeks, consumers will begin to see a broader range of product shortages. As the situation develops, local leaders are advising communities to be prudent and stock up on essentials without succumbing to panic.
The toilet paper aisle has become the vortex of fear-filled frenzy in America yet again.
Dockworkers at East Coast and Gulf Coast ports went on strike Tuesday in the first strike on the docks since 1977, which is expected to close 14 of America’s largest ports, according to CBS.
The beginning of the strike was soon followed by episodic and then escalating panic buying, according to WAVY-TV.
“I didn’t expect that everything was sold out — disinfectant sprays, almost like a little COVID,” Hampton Roads, Virginia, resident Elizabeth Hollis said.
No one questions the impact of the strike on imports, but toilet paper and paper towels are mostly made in America.
Still, the longer the strike lasts, the more supplies of many things will go down as prices rise.
“I want the community to start preparing,” said George Berry, who heads the For Truckers by Truckers advocacy group.
“I want them to go get essentials. Not, you don’t have to rush, panic buy, but I do want them to have essentials at their house. Toilet paper, paper towels, things of that nature,” he said.
They cleaned out the toilet paper at my local Walmart in Virginia. Toilet paper hoarding 2.0! pic.twitter.com/Ai0wcb1VCN
— Jennifer (@BaumgartlJ) October 2, 2024
Ryan Sunderlin, a buyer at Coosemans Philadelphia, said price increases are guaranteed, according to WTXF-TV.
“You’re seeing anywhere from a 20 to 200 percent increase in pricing due to the scarcity, knowing you won’t be able to get any in who knows how long,” Sunderlin said.
“It’s going to increase the price of food, fruits and vegetables, anything that is on ship that can’t be loaded in a timely manner,” said Mark Levin, the CEO of M. Levin & Company Inc.
Which means, it might be time to bid bananas goodbye for now, according to CNN.
Almost all of America’s bananas are imported, with most coming through ports that are being shuttered by the strike. Given that it takes about two weeks for bananas to make the trip from being picked to being beyond the pale for consumption, what’s in stores now might not soon be replaced.
Wilmington, Delaware, one port being closed by the strike, processes about a quarter of the nation’s banana imports.
Other product shortages will appear depending upon how long the strike lasts.
“Within two to three weeks you should start seeing shortages,” said Andrew Coggins, a clinical professor of management and management science at Pace University’s Lubin School of Business, according to CBS.
“It is a big deal, especially if it lasts for a long time, because so much of what we use on a daily basis has at some point in its life traveled by ship or by water, or at least, some components,” he said.
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