Master Holiday Shopping Amidst Financial Stress

Trends in Holiday Shopping

Retailers are expecting a potentially record-setting holiday shopping season despite consumer worries over inflation and the economy. The National Retail Federation projects shoppers will spend an average of $902 on gifts this season, an increase of $16 over the 2019 record. However, inflation is a big reason for this projected increase, leaving many shoppers feeling stressed even before they start shopping.

A survey by Experian found that 56% of consumers are worried about their finances this holiday season, and 63% admitted to overspending on gifts. But setting a budget can make a difference. Experts recommend open communication with family and friends about gift-giving expectations. As Rod Griffin, Experian's director of public education and advocacy, said, "Talk to each other. We're all feeling the hit in our wallet. Things are more expensive, and money may be a bit tighter. If you talk to your friends and family and say, 'Hey, look, I'm a bit restricted this year,' you'll probably find they're feeling the same way."

Online Shopping Tips

When it comes to online shopping, there are tools available to help you get the best deal. Google Shopping allows you to compare prices across different retailers for specific items. Amazon even has a feature where you can scan a bar code in a store to quickly see if it's a better price than on their site. It's also important to note that not all advertised sales are what they claim to be. Doing some early research on gift ideas can save you from overpaying.

For example, imagine you're looking for a particular toy for your child. By using Google Shopping, you can quickly see which retailers have the best price for that toy. And if you're in a store and see an item with a barcode, you can use Amazon's feature to check if it's cheaper on their site. This can help you make more informed purchasing decisions and avoid overspending.

Managing Financial Stress

With inflation and increased financial stress, it's important to manage your spending during the holiday season. One way to do this is to set a budget and stick to it. Consider your financial situation and determine how much you can afford to spend on gifts. You can also prioritize your gift list and focus on the people who are most important to you.

Another tip is to look for alternative gift options. Instead of buying expensive gifts, you can consider homemade gifts or experiences. For example, you could make a batch of homemade cookies or give a gift certificate for a massage or a cooking class. These types of gifts can be just as meaningful as expensive presents and can help you stay within your budget.