American shoppers are worried about affording the upcoming holiday shopping season. Annual research by Savings.com (https://www.savings.com/) provides details on expected holiday spending and, importantly, savings strategies.
Parents are especially troubled. Nearly two-in-three parents – 64 percent – are concerned about being able to afford everything on their holiday list. In addition, parents plan to spend more than $930 on holiday expenses.
In addition to parents’ affordability concerns, key findings include:
- More than half – 58 percent – of typical shoppers are concerned about affording holiday shopping and plan to spend over $600 this holiday season
- Forty-four (44) percent of shoppers say they must cut back on gifts; while 63 percent admitted they felt obligated to give gifts at the holidays
- About half of all holiday expenses will be charged to credit cards, and around a third of gifts will be purchased in-person at retail stores
- Shoppers plan to spend $40 per gift; when choosing a gift, recipient requests are more important than prices and discounts
Finally, what money-saving strategies do parents surveyed suggest?
- Plan ahead and budget: Setting an overall budget and a per-child budget means no surprises at the end of the season. Starting early means taking advantage of more sales, discounts, and special offers
- Buy on sale or clearance: Shopping for gifts throughout the year can help stretch the budget into more manageable blocks. Deals during Black Friday and Cyber Monday can help add up the savings
- Choose meaningful gifts: Focus on quality over quantity and consider buying meaningful gifts or hand-making gifts
- Use coupons and cashback rewards: Look for coupons, use cashback websites, and seek out discounts and rewards from your favorite retailers
- Compare prices and shop around: Though this tactic requires some time investment, it can pay off. Check different retailers, compare prices online, and watch for the best deals. Google and Amazon can help you track price drops and even notify you when your favorite retailer has a new offer
Full details on what to expect and how to save this coming holiday shopping season are at:
https://www.savings.com/
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