Global chip shortage, pandemic demand drive up home appliance prices May 13, 2021 by (CP) Denise Paglinawan
(CP) A global shortage of computer chips, along with a surge in demand during the pandemic, has driven up prices of home appliances.
Guelph, Ont.,-based appliance company Danby said a shortage in supply can be seen in items such as freezers, microwaves, fridges and other appliances that use chips.
“Believe it or not, there’s almost no appliances made that doesn’t have microchips,” said Danby CEO Jim Estill.
The chip shortage has exacerbated already inflated prices caused by increased demand during the pandemic from increased use and a rise in home renovations said Estill, noting that consumer spending during the pandemic has switched to goods from from services.