The supply chain backlog that plagued the economy for much of 2020 and 2021 has eased up drastically in 2022. Much to the delight of retailers and consumers across the country, It’s finally possible to get a PS5. However, the reasoning behind the easing of pressure on the supply chain is due in large part to a decrease in demand for physical goods as multiple factors such as high inflation and the lifting of COVID restrictions have changed the way Americans are spending money.
This change in demand is reflected in the steep fall in the volume of U.S. container imports in the last five months. After reaching all-time highs in May, container imports have dropped the same-month levels recorded in 2021 and 2020. The 2.2 million container imports remain just slightly higher than pre-pandemic levels. This decline in imports is not likely to let up anytime soon. U.S. News quotes shipping consultant Jon Monroe: “Warehouses are full. Until importers clear their inventory, expect overseas orders to be weak,”
In other news, is face ID or fingerprint scanning going to be required to log in to your favorite streaming services? No more sharing Netflix accounts with family or friends. Major streaming services are sick of losing revenue. It seems a bit overkill, but Ben Wood, the chief analyst at CCS Insight, says that this type of validation system could be required in the future. In an interview with Forbes, Wood said: “There’s only so much you can do with passwords… We may see one of the big streaming providers saying ‘we want some biometric proof that you’re there.”
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