The Payment Source Blog

In 2020, the rapid spread of COVID-19 brought many countries around the world into lockdown, resulting in many industries reducing their staffing levels and production, ultimately causing panic and decreased consumer spending (see source). A year later, lockdowns were lifted, and consumer demand skyrocketed and strong consumer spending continued through 2020 and into 2021. This inflated demand in turn put increased pressure on the supply chain industry impacting everything from material and labour shortages to lack of transportation (see source). With COVID-19 still having its effects, it seems like once again the holiday shopping season will be different this year.