Modern electronics rely heavily on computer chips, otherwise known as semiconductors. They are present in most appliances, even products like washing machines and refrigerators contain computer chips. High demand for electronic products and low supply of chips means that prices are increasing. Here are some useful tips to save money and avoid some of the increasing prices of consumer products in the build up to Christmas this year.

  • Changing cars? Consider purchasing a used vehicle.

    One of the most significant impacts of the chip shortage has been on the market for new cars. The shortage has stripped supply of new vehicles, with many consumers unable to purchase new vehicles. As such, sales of used vehicles have increased drastically. However, as the demand for used vehicles has increased, the price for used vehicles has also increased accordingly. All factors aside, the UK has a strong used car market, and there are millions of excellent used cars to choose from for competitive prices.

  • Try to pre-order the latest gadgets in advance

    Market scalpers are making their way into consumer markets because of the global chip shortage. They will attempt to purchase as many products as possible from retail stores, with the intention of re-selling these products, usually on social media platforms or on marketplaces such as eBay. The PlayStation 5 has been affected by this practice. If you are looking to purchase one of these this Christmas, it’s best to try and pre-order where possible, to avoid paying extremely high prices and ultimately avoiding disappointment as they are sure to sell out in all retail stores.

  • Look out for Black Friday & Cyber Monday deals

    In the run up to Christmas, there are two days that you should consider noting down in your diary. Black Friday will fall on the 26th of November, and Cyber Monday will be on the 29th of November this year. This can serve as an opportunity to find great deals, especially on electronics and other consumer products in the run up to Christmas.

  • Setup stock alerts on your smartphone or via e-mail

    An effective method of getting ahead of the Christmas rush this year is to have a stock alert for your desired products set up to appear on your smartphone or via e-mail. Most online retailers will allow you to have stock alerts setup on your device, this can be crucial in beating the online queues and avoiding disappointment this Christmas.

Prepare for the future

Although you may not be able to save a lot of money between now and Christmas this year, being ahead of the Christmas rush can help to stretch your existing budget. It’s also a great time to start saving up for next year. Why not learn more about how you can start saving with Serve and Protect CU today via: www.serveandprotectcu.co.uk

  • The information provided in this article is for guidance and educational purposes only. Police Credit Union Ltd. does not offer regulated financial advice. Please seek independent financial advice.

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