– Spot container rates have surged by 10% in just a week.
– The rates are now over $9,000 to the East Coast.
– This increase is due to a combination of a drastic rise in demand and a shortage of containers.
– Many furniture retailers are feeling the pinch and are passing the increased cost onto consumers.
– Experts predict that the situation may ease in the second half of 2022.

Rise in Spot Container Rates Affects Furniture Industry

10% Increase in Just One Week

No, we are not making this up and yes, it’s as wild as it sounds! Spot container rates have gone up by a whole 10% within a span of just one week, crossing the $9,000 mark to the East Coast.

A Spiking Demand and Container Shortage

The situation is a classic case of demand overshadowing supply. With a sudden increase in demand and a shortage of containers to boot, the rates have zoomed up unlike anything we’ve seen.

Furniture Retailers Bearing the Brunt

As expected, furniture retailers aren’t having a blast with these soaring rates. Finding themselves wedged between a rock and a hard place, they are now passing the increased costs onto the consumers—ouch!

What’s Ahead?

Looking into our crystal ball aka expert predictions, it seems we might see some relief coming our way in the second half of 2022.

To wrap things up, the furniture world is in a bit of a tumult with the rising spot container rates. With rates crossing the $9k mark to the East Coast within a week, the increase in demand coupled with container shortage is shaking everyone up. While furniture retailers have no choice but to pass the cost onto the customers, we can find some consolation in experts’ predictions that the tides are likely to change post mid-2022. Until then, brace yourself for a rollercoaster ride!

originial article https://www.furnituretoday.com/?p=318523

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