Some holiday shoppers plan to scale back spending this year
Bankrate: 27% of shoppers plan to take on holiday debt this year
(InvestigateTV) — A Bankrate study found one in three holiday shoppers are planning to spend less than they did last year.
Bankrate Analyst Ted Rossman said this is very much in keeping with the trend they have been seeing the last several years around this time of year.
“People are very price conscious. Now, last year holiday sales did come in 3.8% above the previous year, according to the National Retail Federation, which is pretty good,” Rossman said. “That was actually at the high end of the forecast range. We have to consider inflation though. A lot of these retail sales figures we’ve been getting the last couple years are more or less matching inflation.”
Rossman said people are going to be looking for deals and retailers are leaning into that. The discounts have been starting earlier and earlier and it’s going to be another year where the best deals start in October. He suggested that shoppers start preparing now.
“If nothing else, start now by sketching out a budget, a gift list. And set money aside from every paycheck,” Rossman advised. “If you save money between every paycheck between now and the end of the year that builds a nice holiday fund, rather than going into credit card debt.”
Rossman also suggested stacking discounts. Start with a store promotion, use a rewards credit card, and pay in full before the end of the month. That is two ways to save on the same deal.
Digital coupons that via credit cards could also be activated to pile on one more deal on the same purchase.
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