Speaking to The Wrap, the Xbox boss admitted that the global chip shortage wasn't the only issue in delivering the current console generation, and that the problem would likely continue into next year.
"I think it’s probably too isolated to talk about it as just a chip problem," he said.
"When I think about, what does it mean to get the parts necessary to build a console today, and then get it to the markets where the demand is, there are multiple kind of pinch points in that process.
"And I think regretfully it’s going to be with us for months and months, definitely through the end of this calendar year and into the next calendar year.
While Spencer's comments are disappointing for those looking to pick up one of the latest consoles, it's also not entirely unexpected - and echoes what PlayStation boss Jim Ryan has previously stated regarding PS5 shortages.
Earlier this month, Toshiba also warned that power regulation chips are facing shortages well into next year, and possibly even into 2023.
While the focus on supply issues has often zeroed in on the lack of RTX graphics cards from Nvidia and other electronic components, Spencer is the first to highlight the other complexities in delivering consoles globally, and notes that the company is working to resolve the problems.
"The thing that’s most disappointing is just the fan disappointment,” Spencer said.
"People really want this new generation of consoles - they’re good consoles, both from us and the other platform holders - and they want the new functionality.
"We’re working hard to bring them to market but it’s going to be a challenge that we’ll work through for quite a while."
Just when we truly see a return to some kind of normality in the console supply market remains to be seen, naturally, but the situation does appear to be improving all the time - even if it's at a slow rate.
For those still trying to pick one up, though, keep on top of our Xbox Series X and Series availability and deals tracker.