Shops rush for Christmas stock as shipping costs surge

European retailers are rushing to place their Christmas orders early due to the soaring shipping costs and trade route disruption that are threatening holiday deliveries. The vessels of Western firms have been attacked in the Red Sea by Houthi rebels, leading to a surge in shipping prices. Although the container prices had peaked in January and then declined, they have sharply rebounded in recent weeks. Nick Glynn, the boss of the Buy It Direct group, which owns online retailers like Appliances Direct and Laptops Direct, mentioned that they have to plan and book well in advance to ensure timely shipments. He also highlighted that the spot rate for immediate delivery of goods has dramatically increased from $4,500 to $7,500 in recent weeks, impacting the prices of big bulky items such as furniture, barbecues, and kitchen appliances. The disruptions caused by Yemen's Houthi movement have limited the global supply of shipping space and containers, leading to a 140% increase in shipping costs from 2023. Importers have learned from the pandemic that shipping goods as quickly as possible is crucial to protecting their supply chains.