70% of Americans Having Trouble Obtaining Products and Services
- 70% of Americans are struggling to obtain various products and services due to shortages. The most commonly cited product shortages include meat (21%), gas (20%), appliances (16%), cars (15%) and lumber (13%). But it's not just goods — 23% of parents with young children are having trouble finding a babysitter, and 22% of restaurant patrons have noted unusually slow or poor service.
- More than half of Americans (54%) are putting off big projects and purchases as a result of the shortages facing the nation. For example, 26% held off on a vacation and 20% tabled home improvement projects.
- More people than not have accepted the price increases caused by shortages and rising business costs. While 54% are understanding of small businesses raising their prices, 46% feel it's unfair to pass their higher expenses onto the consumer.
- Three in 10 said they are willing to spend extra money in order to get their products or services faster during the shortages. On the other hand, 70% would wait "as long as it takes" in order to save.
- Paying more for products and services is OK with 71% of Americans, if doing so means higher wages for workers. That's more than the percentage who said they would be willing to pay more to prevent shortages in the future (66%).
"Though product and labor shortages can be frustrating, especially after a year-plus of pandemic restrictions, take some comfort in knowing that things will eventually level out," said LendingTree's Chief Credit Analyst,
To view the full report, visit: https://www.lendingtree.com/credit-cards/study/summer-of-shortages/.
LendingTree commissioned Qualtrics to field an online survey of 2,050
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