BPMA Price Alert, we are making all our members aware of cost fluctuations in the global market for both raw material and logistics services which are affecting promotional merchandise prices.
Brace for price increases your BPMA Price Alert.
In anticipation of rising prices, some industry suppliers are expected to issue revised pricing in the coming weeks and months to reflect the situation. Whilst many suppliers have borne additional freight and raw material price increases in recent months, it is understood this is no longer viable for many in the market. With the global economic pressures on raw material shortages and subsequent eye-watering price increases which have followed, members must start preparing the ground for the inevitable impact. Add logistics cost increases and extended delivery times into this mix and the result is an increase in promotional merchandise prices.
The raw material list affected includes but is not limited to:
- Cardboard
- Plastics
- Paper
- Cotton
- Metals
- Wood
Not just our industry affected
It is imperative the whole industry understands any increases are not limited to the promotional merchandise industry. Globally, the price of raw materials is pushing costs up everywhere and whilst we expect reaction from end-users it is important for the whole industry to stress the market forces at work here, beyond our control.
There are a number of other factors also affecting in the industry; continued Covid isolations, sadly those unwell with the virus, increased running costs of business. As we receive reports from our industry and others across the UK that spend is being increased, enquiries and order levels are at the biggest high for over 12 months, the balancing act for all concerned is exceptionally challenging.
Communication is essential
The BPMA recommends all suppliers and distributors communicate during the order process to ensure all stages of an enquiry to order are fully understood, managing expectations through to delivery.
Enquiry & Quoting
- Make sure, especially if a repeat order, stock is available and at what price
- Check how long quotes are valid for and don’t assume quotes will be valid for extended periods
- Check if stock be reserved for short periods to guarantee specific goods are available
- Are there any leadtime or availability challenges impacting the order you might wish to place
- Are there any additional freight or carrier costs or delivery restrictions to be aware of
- What terms are your orders being delivered on and could this impact cost and lead times
Manage expectations with all stages of the supply chain to ensure customers at each stage are aware of changes.
Placing orders
Check, check and check again: clarify and confirm all details before orders are placed – assume nothing, check everything!
