Computer chip shortage could hit your wallet for the holidays and last another year

Business

(WFXR) — A global computer chip shortage could mean paying more for those high-tech toys this holiday season. Experts are saying that this shortage could last another year.

Assistant Professor for Virginia Tech, Matthew Hicks, says many factors are contributing to the shortage, including extremely high demand and manufacturing problems.

The chips go in virtually every electronic device from home appliances, cars, computers, and video games systems. That means if you want the latest electronics this holiday season, you will need to be patient and be willing to pay more for them.

“It is better to be a seller of electronics because there is high demand than there is to try to buy, especially the latest and greatest things because you are paying 50 percent more and you are waiting months, literal months, to get a hold of it,” said Hicks.

Hicks spoke with WFXR News, saying that he expects the shortage could last another year. He went on to say it could be a good thing for people who have used cars or other devices to sell since fewer new things are being produced.

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