Demand for tech products was high in the early months of the pandemic, but things have changed and that has led to warehouses packed with unsold inventory.
The past couple of years has really thrown the world’s economy into chaos. First, there was the COVID-19 pandemic, which affected many businesses and consumers’ buying power. Then there was the global semiconductor shortage that hit any industry that made use of processors and chips — that is, pretty much anything that had electronics in them, including cars. While these unfavorable conditions affected small businesses the most, it was really only a matter of time before bigger companies felt the effects, as well. Proving that no one is immune, Samsung is now reportedly cutting down some of its smartphone production time in one of its plants to adjust for weaker demand and sales, a move that could affect other businesses and employees down the line.
The pandemic skewed consumer spending patterns like a roller coaster ride. At the start of the outbreak, people were rushing to buy computers and smartphones to prepare for being stuck at home for long periods of time. At the same time, manufacturers weren’t able to quickly supply the demand because factories were being closed left and right.
