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(Seattle Times)   Yeah, that's it -- warehouses are full of unsold crap because of a "spending hangover" after that sumptuous stimulus check. What planet do these writers live on?   (seattletimes.com) divider line
    More: Facepalm  
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3614 clicks; posted to Main » on 08 Aug 2022 at 6:30 AM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2022-08-07 10:34:32 PM  
Fark user imageView Full Size

DNRTFA
 
2022-08-07 11:03:55 PM  
Sensationalist bullshiat aside, this is not news at all.  Liquidation warehouses are seeing an uptick from when people had more money to spend and didn't have to worry about making the choice to be sick or go to work?  That online retailers have seen more stuff returned since they sold more stuff, and haven't been able to sell it on and are sending it to liquidators?  Yeah, we kind of expected to see that.

shiat, I wish I could just drive to a liquidator warehouse and ship stuff back to rural Alaska.  I'd make a damn killing.
 
2022-08-08 4:03:40 AM  

dammit just give me a login: [Fark user image image 375x750]
DNRTFA


No paywall for me.

Did you try reader view?
 
2022-08-08 6:30:41 AM  
Planet deadline
 
2022-08-08 6:40:07 AM  
"New York Times"


There's your answer.   Same people assured us Iraq had mobile chemical weapons factories.
 
2022-08-08 6:40:37 AM  
"Last year's returns, which retailers are not always able to resell themselves, totaled $761 billion in lost sales. That, the retail federation noted, is more than the annual budget for the U.S. Department of Defense."

*Weasel words are used when the speaker wants to make it seem like they've given a clear answer to a question or made a direct statement, when actually they've said something inconclusive or vague
 
2022-08-08 6:43:14 AM  
Worthless pulp media. Shills for Big Box consumerism. Out of touch boomer limping into obscurity.
 
2022-08-08 6:45:18 AM  
"Portable pizza ovens"

I need to sit down for a while.
 
2022-08-08 6:47:23 AM  
Its a delay in shipping that caused this as well. When it was stuck on the ships all the spring stuff they mentioned  in the article has finally arrived at the warehouse months late and no longer wanted this year. Summer is over people aren't looking to buy new bikes. Maybe for Christmas but that is still 3 months away for that shopping season.
 
2022-08-08 6:52:24 AM  

Benevolent Misanthrope: Sensationalist bullshiat aside, this is not news at all.  Liquidation warehouses are seeing an uptick from when people had more money to spend and didn't have to worry about making the choice to be sick or go to work?  That online retailers have seen more stuff returned since they sold more stuff, and haven't been able to sell it on and are sending it to liquidators?  Yeah, we kind of expected to see that.

shiat, I wish I could just drive to a liquidator warehouse and ship stuff back to rural Alaska.  I'd make a damn killing.


How many times has this article now been greenlit? Has to be third or fourth time I'm seeing it.

It is also largely bullshiat. Due to supply chain problems, businesses over ordered like crazy -- and misjudged what people would want to buy. What you're seeing in the stores this summer is all of the shiat that was floating off the coast winter waiting for space to dock and unload. It also was a bunch of shiat nobody wants. This has had multiple bad effects. One, it is a major component of the "recession" :

So businesses overcompensated by overordering. In the fourth quarter of last year inventories rose by the largest amount on record.

"So that set us up for a really tough level of inventory building to beat here in the first quarter," according to

Sarah House, senior economist at Wells Fargo.

Inventories did rise in the first quarter, a lot. But the GDP calculation only cares about how much they changed.
And since they didn't set a record again, "that's leading to this slower pace, and therefore the drag on headline GDP," House said.


Second effect is stores now sitting on tons of shiat they have to discount.

I saw this at my local Aldi. Budget supermarket. Also stimulates weekly visits by having a couple of aisles of cheap, disposable stuff- air fryers, season-themed gnomes, candles, cheap gardening accessories and tools, sheet sets, etc. rotating each week.

Except I walk in the store this summer and they have $450 egg chairs. Giant flat packs of patio sets, chimneyas, over ground pools, patio umbrellas etc. etc. etc. The front of the store packed with $300+ stuff you need two people and pickup truck to take home. Stuff they put out in June is still sitting there, although it is finally clearing out now that fire pits that started at $199 are marked down to $44.
 
2022-08-08 6:58:37 AM  
Based on the three giveaways together a middle class family of four would have gotten $11,400, before even considering the flow of child credit advances last year.

This was all during a period when a huge swath of the workforce was telecommuting, not buying as much gasoline, reducing traveling, getting refunds on car insurance premiums, and anyone with a mortgage and a credit score higher than a potato refinanced into interest rates so low they became a limbo-line challenge.

Unless you're suggesting that middle class people are now sitting on a pile of cash (which is unlikely since middle class people tend to blow everything and then whine about living hand to mouth), this sounds like a pretty reasonable explanation for this slump. It took longer than I expected for the hangover to hit, but here we are.   It was a farking party for a while though... my whole neighborhood seemed to renovate their kitchens at the same time.  construction dumpsters everywhere.

Still hasn't hit cars, but it will eventually.

We could have avoided the whole situation by simply having a stipulation on the stimuli that keep the difference between 2019 and 2020 taxable income.  If your income declined, as it did for many in 2020, keep the money.  If it stayed flat or increased, you pay it back at tax time.  In '21, just base the stimulus on either 2021 vs 2019.
 
2022-08-08 7:03:41 AM  
The facility opened in November and is operating at exceptionally high volumes for this time of year.

For this time of year...compared to what, eh?

Last year's returns, which retailers are not always able to resell themselves, totaled $761 billion in lost sales. That, the retail federation noted, is more than the annual budget for the U.S. Department of Defense.
Followed immediately by:
It's becoming clear that retailers badly misjudged supply and demand. Part of their miscalculation was caused by supply chain delays, which prompted companies to secure products far in advance.

What does 'supply and demand/supply chain delays' have to do with crap people are returning to stores?

"It is surprising to me on some level that we saw all that surge of buying activity and we weren't collectively able to see that it was going to end at some point," J.D. Daunt, chief commercial officer at Liquidity Services

Surprising?  In the land of this quarters profits above all else?

You want a fix?  How about "stop letting people return garbage"?  How about "you bought it, you own it"?  How about "Talk to the mfgr about quality problems"?
 
2022-08-08 7:05:56 AM  
American's are flush with excess cash, from all the generous stimulus incentives that were given, here's what must happen next:

-Eviction moratorium ends
-Minimum wage must be REDUCED to 6.00/hr , to start
-There must be a ban on unionization for 1 yr in all workplaces
-health plans, and prescription drug plans must be cut

this will get Americans back in homes, back in jobs, and keep the economy running. if you don't support this , you are a liberal commie.
 
2022-08-08 7:07:33 AM  
/"Please take me to meet the person in charge of supplying bread to London. I must learn his secret."
//The invisible hand sometimes likes to do 'the stranger'
///meme me a beer
 
2022-08-08 7:12:46 AM  
Yay, cool stuff at TJ Maxx!
 
2022-08-08 7:13:44 AM  
ctrl-f "bullwhip"  0/0

Nobody could have seen this coming (article from January)

https://sloanreview.mit.edu/article/prepare-for-the-bullwhips-sting/
 
2022-08-08 7:17:42 AM  
Fark user imageView Full Size


I remember 2007-2010 pretty well, mainly because I worked IT for a construction company. It wasn't until banks stopped giving loans that the media/govt finally admitted a recession. If you're waiting for the govt to admit it, you're gonna be way behind the curve
 
2022-08-08 7:18:36 AM  

SecondaryControl: The facility opened in November and is operating at exceptionally high volumes for this time of year.

For this time of year...compared to what, eh?

Last year's returns, which retailers are not always able to resell themselves, totaled $761 billion in lost sales. That, the retail federation noted, is more than the annual budget for the U.S. Department of Defense.
Followed immediately by:
It's becoming clear that retailers badly misjudged supply and demand. Part of their miscalculation was caused by supply chain delays, which prompted companies to secure products far in advance.

What does 'supply and demand/supply chain delays' have to do with crap people are returning to stores?

"It is surprising to me on some level that we saw all that surge of buying activity and we weren't collectively able to see that it was going to end at some point," J.D. Daunt, chief commercial officer at Liquidity Services

Surprising?  In the land of this quarters profits above all else?

You want a fix?  How about "stop letting people return garbage"?  How about "you bought it, you own it"?  How about "Talk to the mfgr about quality problems"?


How about "Stop selling garbage"?
 
2022-08-08 7:24:50 AM  
They'll never understand that trickle down economics never has and never will work. Even when we undergo the second bronze age collapse will they understand
 
2022-08-08 7:27:35 AM  
"Nobody wants to work buy junk!
 
2022-08-08 7:32:19 AM  
Sounds like a bunch of stuff that doesn't spark joy.
 
2022-08-08 7:33:41 AM  

Bslim: "Last year's returns, which retailers are not always able to resell themselves, totaled $761 billion in lost sales. That, the retail federation noted, is more than the annual budget for the U.S. Department of Defense."

*Weasel words are used when the speaker wants to make it seem like they've given a clear answer to a question or made a direct statement, when actually they've said something inconclusive or vague


Also gotta toss that 1 on the end of the number to make it seem tabulated.
 
2022-08-08 7:34:37 AM  
Worked retail for 6 years now, Spending is still crazy high at our stores but so are the number of things we have to discount to move from shelves, because we STILL get things from back orders 6-9 months too late. Got Easter bunnies not long ago. Happily our buyer buys way early for Christmas.
 
2022-08-08 7:42:02 AM  
Might depend on the company, but hex yeah they were.  The merchants/buyers would leave shiatty inventory in the warehouse - because if they sell it on clearance it, they might not make their product margin bonus.
 
2022-08-08 7:53:24 AM  
"We have warehouses full of merchandise that we can't move, but don't forget about our supply-chain issues which are keeping us from being able to get merchandise!"
 
2022-08-08 7:56:41 AM  
They're regurgitating canned narratives.  Are you an author if you're really just repackaging ideas the brass told you to amplify, or else.
 
2022-08-08 7:59:23 AM  
I didn't want it the first time around... and I still dont want it.
 
2022-08-08 8:05:30 AM  

backhand.slap.of.reason: They're regurgitating canned narratives.  Are you an author if you're really just repackaging ideas the brass told you to amplify, or else.


I write similar crap for a living. There's like one actual article, and the rest of us are just swapping word order and adjectives.
 
2022-08-08 8:07:42 AM  

DarnoKonrad: "New York Times"


There's your answer.   Same people assured us Iraq had mobile chemical weapons factories.


That was 20 years ago man...
 
2022-08-08 8:09:48 AM  
Izunbacol:

Still hasn't hit cars, but it will eventually.

Supposedly the car bubble is about to pop: https://www.cbsnews.com/news/used-car-bubble-market-repossessions-are-surging/ with estimates of a 6-10 month recovery.
 
2022-08-08 8:17:32 AM  

Elzar: Izunbacol:

Still hasn't hit cars, but it will eventually.

Supposedly the car bubble is about to pop: https://www.cbsnews.com/news/used-car-bubble-market-repossessions-are-surging/ with estimates of a 6-10 month recovery.


Car guys have seen this coming for a while.  Kevin Hunter and Lucky Lopez on YouTube have been warning customers and dealers for months.
 
2022-08-08 8:19:58 AM  
Today's lesson: time is on your side.
 
2022-08-08 9:15:07 AM  
As I understand it, if there's a surplus of goods, seems like the prices should come way down. Yet here we are.
 
2022-08-08 9:15:23 AM  
Don't care. Staying home. Didn't buy stuff during the pandemic. Not buying stuff now. That's the point.

Another Government Employee: Today's lesson: time is on your side.


And, yes. Instant gratification meets delayed shipping & receiving.
 
2022-08-08 9:17:01 AM  
Even at pennies on the dollar, who the hell wants a Huffy?  They're for little kids who are constantly outgrowing their bikes.  It was a real eye opener when I actually got a good bike.  "Oh, you mean this makes it easier to move around?".
 
2022-08-08 9:17:41 AM  
There are more returns because people are buying stuff online and even the best sites don't always give you a great understanding of the colors and dimensions.

And that's assuming the information is accurate, that the stuff is of acceptable quality, and free from defects.

All the big ticket stuff in that story was furniture. Oops, this will fit in my room but the room isn't big enough to sit in the 4K sweet spot. This futon is uncomfortable. This vanity is ugly as fark and cheaply built.

If people had gone to brick and mortar stores to examine the stuff a lot of the issues would have been solved. But there was a pandemic on and retailers love paying for a few abused warehouse staff instead of lots of retail staff.

But sure, blame stimulus checks.
 
2022-08-08 9:19:17 AM  

Bob The Nob: Bslim: "Last year's returns, which retailers are not always able to resell themselves, totaled $761 billion in lost sales. That, the retail federation noted, is more than the annual budget for the U.S. Department of Defense."

*Weasel words are used when the speaker wants to make it seem like they've given a clear answer to a question or made a direct statement, when actually they've said something inconclusive or vague

Also gotta toss that 1 on the end of the number to make it seem tabulated.


A couple in need of some money decide that the woman is going to have to give blowjobs for money. She goes out and after a couple hours comes back with $220.25. The husband says, "Wow, that's great? Who gave you the quarter?" The wife replies, "All of them."
 
2022-08-08 9:19:49 AM  

jaylectricity: As I understand it, if there's a surplus of goods, seems like the prices should come way down. Yet here we are.


It's select items, as one poster pointed out, these are Spring goods that had delayed shipping.  With Gas and groceries the demand still exceeds the supply.
 
2022-08-08 9:20:30 AM  

Gyrfalcon: Yay, cool stuff at TJ Maxx!


Hey, when you need own a polo shirt in every color of the rainbow, where else you going to go?

/swore off polo shirts
//fascists rags
 
2022-08-08 9:21:04 AM  

Thrakkorzog: Its a delay in shipping that caused this as well. When it was stuck on the ships all the spring stuff they mentioned  in the article has finally arrived at the warehouse months late and no longer wanted this year. Summer is over people aren't looking to buy new bikes. Maybe for Christmas but that is still 3 months away for that shopping season.


A lot of the things are one time purchases so yes if the stores kept ordering as sales declined they will have overstock.

If everyone in the world goes and buys a patio set today don't plan on selling any for the next few years.... and that's pretty much what happened during covid.  No vacation plus free $ had people spruce up their yards.  You only need to buy fire pits and patio furniture once then they last a long time.  My fire pit is stone so it will last forever and my patio set is 10 years old and looks like new.

Consumables we are still low on.  Hard time finding chips the last few days
 
2022-08-08 9:28:42 AM  

thealgorerhythm: There are more returns because people are buying stuff online and even the best sites don't always give you a great understanding of the colors and dimensions.

And that's assuming the information is accurate, that the stuff is of acceptable quality, and free from defects.

All the big ticket stuff in that story was furniture. Oops, this will fit in my room but the room isn't big enough to sit in the 4K sweet spot. This futon is uncomfortable. This vanity is ugly as fark and cheaply built.

If people had gone to brick and mortar stores to examine the stuff a lot of the issues would have been solved. But there was a pandemic on and retailers love paying for a few abused warehouse staff instead of lots of retail staff.

But sure, blame stimulus checks.


How many people really buy a couch online?  I mean, I could see checking it out at a store and then going online to see if I could find it cheaper.  But that's not a thing that's easy to return, you tend to keep for a long time, and if it isn't comfortable to you, it's worthless and you're never going to sit on it.

The only furniture I've bought online is a couple office chairs.  I've bought shoes online, but they were literally just steel toe versions of the same shoes I was already wearing.
 
2022-08-08 9:32:22 AM  

Thrakkorzog: Its a delay in shipping that caused this as well. When it was stuck on the ships all the spring stuff they mentioned  in the article has finally arrived at the warehouse months late and no longer wanted this year. Summer is over people aren't looking to buy new bikes. Maybe for Christmas but that is still 3 months away for that shopping season.


They said this "It's becoming clear that retailers badly misjudged supply and demand. Part of their miscalculation was caused by supply chain delays, which prompted companies to secure products far in advance."

It's kind of contradicting their main point, but they do get to the core of it eventually.
 
2022-08-08 9:33:14 AM  

Communist Middleschool Student: DarnoKonrad: "New York Times"


There's your answer.   Same people assured us Iraq had mobile chemical weapons factories.

That was 20 years ago man...


Maggie Habermann still writes for them. Nothing has changed.
 
2022-08-08 9:38:19 AM  

tuxq: [Fark user image image 425x216]

I remember 2007-2010 pretty well, mainly because I worked IT for a construction company. It wasn't until banks stopped giving loans that the media/govt finally admitted a recession. If you're waiting for the govt to admit it, you're gonna be way behind the curve


Banks are very interested in giving loans. The difference is, this time, banks haven't over leveraged themselves to the tits with subprime mortgages. The housing bubble is deflating a bit. But it won't pop like 2008 there were a lot of factors then that are absent now.

I'm not saying we won't end up in a recession, that's possible. If we do though, its not going to be a crash like the last one.
 
2022-08-08 9:40:45 AM  

Elzar: Izunbacol:

Still hasn't hit cars, but it will eventually.

Supposedly the car bubble is about to pop: https://www.cbsnews.com/news/used-car-bubble-market-repossessions-are-surging/ with estimates of a 6-10 month recovery.


Yeah, but, the overall lack of automotive backed securities means the impact won't be as widespread as the mortgage crisis.
 
2022-08-08 9:45:52 AM  

thealgorerhythm: But sure, blame stimulus checks.


Well, they are bad, and give money to the poors. We have to blame them for as many things as possible.
What if the evil. oppressive institution of government were to start making a regular practice of taking money away from rich people and giving it to poor people?
It would be the end of civilization.
Curse those wicked checks!!
 
2022-08-08 9:47:18 AM  

wozzeck: Benevolent Misanthrope: Sensationalist bullshiat aside, this is not news at all.  Liquidation warehouses are seeing an uptick from when people had more money to spend and didn't have to worry about making the choice to be sick or go to work?  That online retailers have seen more stuff returned since they sold more stuff, and haven't been able to sell it on and are sending it to liquidators?  Yeah, we kind of expected to see that.

shiat, I wish I could just drive to a liquidator warehouse and ship stuff back to rural Alaska.  I'd make a damn killing.

How many times has this article now been greenlit? Has to be third or fourth time I'm seeing it.

It is also largely bullshiat. Due to supply chain problems, businesses over ordered like crazy -- and misjudged what people would want to buy. What you're seeing in the stores this summer is all of the shiat that was floating off the coast winter waiting for space to dock and unload. It also was a bunch of shiat nobody wants. This has had multiple bad effects. One, it is a major component of the "recession" :

So businesses overcompensated by overordering. In the fourth quarter of last year inventories rose by the largest amount on record.

"So that set us up for a really tough level of inventory building to beat here in the first quarter," according to

Sarah House, senior economist at Wells Fargo.

Inventories did rise in the first quarter, a lot. But the GDP calculation only cares about how much they changed.
And since they didn't set a record again, "that's leading to this slower pace, and therefore the drag on headline GDP," House said.

Second effect is stores now sitting on tons of shiat they have to discount.

I saw this at my local Aldi. Budget supermarket. Also stimulates weekly visits by having a couple of aisles of cheap, disposable stuff- air fryers, season-themed gnomes, candles, cheap gardening accessories and tools, sheet sets, etc. rotating each week.

Except I walk in the store this summer and they have $450 egg chairs. Giant flat packs of patio sets, chimneyas, over ground pools, patio umbrellas etc. etc. etc. The front of the store packed with $300+ stuff you need two people and pickup truck to take home. Stuff they put out in June is still sitting there, although it is finally clearing out now that fire pits that started at $199 are marked down to $44.


I wish there were an Aldi near me. 🙁
 
2022-08-08 9:48:41 AM  

AlphaG33k: American's are flush with excess cash, from all the generous stimulus incentives that were given, here's what must happen next:

-Eviction moratorium ends
-Minimum wage must be REDUCED to 6.00/hr , to start
-There must be a ban on unionization for 1 yr in all workplaces
-health plans, and prescription drug plans must be cut

this will get Americans back in homes, back in jobs, and keep the economy running. if you don't support this , you are a liberal commie.


Here is the attention you requested.  Enjoy.
 
2022-08-08 9:53:15 AM  
"After a two-year binge of consumer spending - fueled by government checks"

This is the type of jackass who will scoff and huff and puff at the idea of low income families going on vacation, or buying some stuff to go on a camping trip, but will justify buying himself ugly ass Italian shoes that somehow cost $23k. F*ck off you snob.
 
2022-08-08 10:10:46 AM  

electricjebus: Even at pennies on the dollar, who the hell wants a Huffy?  They're for little kids who are constantly outgrowing their bikes.  It was a real eye opener when I actually got a good bike.  "Oh, you mean this makes it easier to move around?".


No one really regrets riding a huffy until the alimony payments are due.
 
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