FOX Business’ Gerri Willis analyzes the upcoming holiday travel season and tips for finding flight deals.
The holidays are approaching and, for many people, that means it’s time to start shopping for gifts.
While some American holiday shoppers have already started spending, 49% said they wanted to start theirs in November or December, according to a recent Bankrate survey.
That includes more than a third – 37% – of holiday shoppers who reported plans to start this month, the survey found. With 15%, they intended to wait a little longer and start their shopping next month.
MORE THAN A THIRD OF HOLIDAY SHOPPERS WILL SPEND LESS THIS YEAR THAN 2023.
Regardless of when they intended to buy gifts, more than one-quarter of consumers indicated that there were holiday shopping expenses. Stacking discounts, using gift cards and budgeting are some of the ways shoppers can find gifts and avoid breaking the bank, according to Bankrate senior analyst Ted Rossman.
Boxes with gifts under the Christmas tree. (iStock / Stock)
“I’m a big fan of cumulative discounts, like bundling multiple savings streams into the same purchase,” Rossman told FOX Business.
He said that “there will be many discounts in stores this year,” and he said that some have already started to appear in early October.
“Combine that store promotion with a rewards credit card, say,” he recommended. “You pay it off in full, avoid interest, get credit card points or airline miles.”
Consumers can save money by using an online shopping site like Rakuten or Shop Through Chase, according to Bankrate’s chief analyst.
“You can combine this with other tactics,” he explained. “So, you know, if you go through Rakuten or use their browser extension and they give you extra money back for using their site, you’re shopping the normal way. From there, you get a store promo, you get credit card rewards. That can be three ways to save on the same purchase. “
The holidays can be a “great time to be intentional about getting and using” gift cards that people haven’t used — or even forgotten about, Rossman also told FOX Business.
Americans have $244 worth of gift cards, vouchers or store credit on average, according to Bankrate.
“Even if the store isn’t your favorite, there’s probably someone on your gift list who could benefit from it. You can give them a card, or you can buy merchandise with the card,” says Rossman. “Even if you can’t buy something for yourself or someone else, maybe you’re selling, it’s from worst to worst.”
Budgeting, creating a gift list and starting early are also strategies people can use to help pay for their holiday shopping, she said.
Close up of a woman’s hands opening a package with a present box. (iStock / Stock)
Bankrate reported that 48% of holiday shoppers intend to start their seasonal shopping on Halloween. Still, people can stash some cash in the paychecks they’ll be getting before the end of the year as a way to “pay for holiday shopping” and make it feel “affordable,” Rossman told FOX Business. .
While many retailers are expected to release great promotions on traditional holiday shopping days like Black Friday and Cyber Monday, gift shoppers don’t have to wait for those events because “many great deals are already on” and have already started. be “over the season of deals,” he said.
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Amazon is holding a two-day “Big Deal Days” in early October, and some early holiday deals are live and more are expected. Other companies such as Target, Walmart and Costco also introduced deals before the holidays.
Rossman told FOX Business that “it’s a buyer’s market this year.”
“Consumers have been saving a lot over the last few years, especially on physical items. I feel like a lot of the damage in the last few years has been … and that’s because of the effects of the pandemic. Physical goods have not been there. things that move a lot, things like clothes, toys, electronics, all those kinds of holiday favorites.”
“Retailers offer deep discounts, and they start early. There is this extension of the season that has continued in recent years,” he added. “What we’re seeing is a lot of other retailers are getting on board … keep coming.”
In its report, WalletHub analyzed nearly 5,000 deals from the Black Friday ad scan of 21 of the biggest retailers in the US (iStock) (iStock / Stock)
Rossman also said that “there is also an understanding among retailers that consumers are feeling grateful,” something that has caused them to “put their feet forward early, with deep discounts.”
Only 24% of holiday shoppers reported that they planned to increase their spending this year, Bankrate found. Meanwhile, 33% said they would not open their wallets too much.
ADDRESS SPENDING Eligible to Set a New Record for the Year
People will spend $902 per person during the 2024 holiday season with $641 planned for gifts, the National Retail Federation (NRF) predicted. Overall, retailers will see $979.5-989 billion from holiday shoppers during that time, marking a 2.5-3.5% jump year-over-year, it said.
Gift cards, clothing and accessories, books, personal care and beauty products and electronics are among some of the top gifts people are hoping to give this year, according to the NRF.
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