As the holiday season approaches, many consumers are looking for ways to manage their spending while still enjoying the festivities. With inflation and economic concerns shaping shopping habits, it's more important to be strategic about holiday purchases.
The 2024 Holiday Shopping Report by Simon-Kucher offers a detailed look into the state of holiday retail this season. Based on a survey of 1,000 U.S. consumers, the sixth annual report highlights evolving trends in consumer preferences, behaviors, and planned spending.
The report says consumers spent half of their holiday spending budget toward gifts for others.
Though experiences, decorations, and outfits still command consumer budget, many shoppers direct their holiday dollars at gifts and treats for themselves.
Whether you're buying for loved ones or treating yourself, there's no shortage of ways to save this holiday season.
Here's how you can make the most of your holiday gift shopping without overspending.
1. Shop Smart: Separate Browsing and Buying
Where you browse doesn't need to be where you buy. Research and compare products, read reviews, and then look for the best prices on other platforms to save dollars.
2. Plan Your Shopping Early
Create a gift list and plan your shopping strategy to make sure you're taking advantage of deals. Avoid last-minute hurdles like rush shipping costs and out-of-stock items.
3. Stick to Your Budget
Set clear spending limits—both per person and overall—and stick to them. This can help avoid overspending during the hustle and bustle of the season.
4. Use Price Alerts and Keep Items in Your Cart
Set up alerts for price drops on your favorite products. Keep them in your online cart so you're ready to check out when prices are right.
5. Look for Coupons
Search for discounts or coupons from your favorite retailers. Opt for generic or basic versions of lower-cost items like gift wrap to save money.
6. Get Creative with Your Search
Try a reverse Google image search to find the exact product you're interested in. This can help you compare prices across different websites and score the best deal.
7. Buy in Bulk, Shop Secondhand, or Choose Homemade Gifts
Consider buying gifts in bulk for a lower price per item. Secondhand stores can offer great deals, or you can opt for homemade gifts or experiences that show thoughtfulness without a high price tag.
8. Choose Meaningful Gifts Over Expensive Ones
Remember that the value of a gift isn't always reflected in its price. Choose gifts that carry personal meaning rather than spending more money on something expensive.
9. Be Smart About Payment Methods
Look into payment options that suit your budget, such as "buy now, pay later" programs or leveraging credit limits. Choose the most cost-effective way to pay for your gifts.
10. Keep an Eye on Post-Holiday Sales
Sales don't happen only around major shopping events. Many discounts continue after the holidays, so look for deals even beyond December.
