The holiday season is often dubbed the most wonderful time of the year, but it's also when wallets seem to feel the pinch the most. Shoppers everywhere are gearing up for Black Friday and Cyber Monday with dreams of snagging the best deals, yet there’s also the looming threat of overspending. This year, experts are advocating for some inventive strategies to keep the holiday cheer from turning financial gloom. So, how can you save money this festive season without compromising the joy of giving?
With Thanksgiving just around the corner, many consumers are eyeing their grocery bills. It won’t be long before families across the nation gather to feast, and they’re concerned about prices at local supermarkets. According to David Ortega, a professor of food economics and policy at Michigan State University, the news isn’t all bad. While grocery inflation had eased earlier, prices still remain significantly above what they were prior to the pandemic. Specifically, Ortega noted, “Turkey prices are expected to be down compared to last year,” indicating shoppers could find turkeys costing anywhere from 2% to 10% less than the previous season.
Experts attribute the recent price hikes to various factors like the pandemic-induced supply chain disruptions, weather patterns wreaking havoc on crops, and avian flu affecting poultry prices. Ortega strongly recommends taking advantage of loyalty programs offered by grocery stores, which can lead to serious savings through personalized discounts. He encourages making efficient use of store brands or private labels as they often provide quality alternatives at lower prices. So, perhaps the key to keeping costs manageable lies not just in what shoppers choose to buy but also how they choose to shop.
Then we have the concept of 'slow shopping' making waves this holiday season. With the frenzy of holiday sales pressuring consumers to purchase quickly, many are adopting this mindful strategy. So, what exactly is slow shopping? It’s the practice of thoughtfully considering each purchase before committing. Andrea Woroch, a savings expert, describes it as promoting “the importance of taking time to think through each purchase to make more mindful buying decisions.” By resisting impulsive buys and instead pausing to weigh the necessity and cost of items, shoppers can prevent regret later. Simple tactics such as placing items in the online cart and waiting 24 hours before checking out allow for reflection on whether the item is truly desired or necessary.
Interestingly, nearly 73% of consumers surveyed say they’ve tried slow shopping this holiday season. This approach not only helps them avoid unnecessary purchases, but it also allows for a thorough evaluation of options and comparative shopping to snag the best bargains. Woroch suggests this practice can create breathing room from the immediate excitement of seasonal discounts: “When you give yourself time to move past an emotion or allow yourself time to reassess your need or desire without the worry of missing out on a deal, you can make more level-headed buying decisions.”
But with change, come certain pitfalls. Experts caution against overthinking purchases, which can lead to decision fatigue and potential missed opportunities on great sales. For example, if your child dreams of this year’s hottest toy, waiting too long could mean the item sells out. Woroch adds, “Typically the hottest toys aren't going to be discounted for more than 30% during the holiday season,” increasing the likelihood you might lose out on the item altogether if you delay.
Aside from slow shopping and being savvy at the grocery store, there are additional tried-and-true strategies to save money this season. Setting up a firm budget is one of the best methods to track holiday expenses. Before hitting the stores or logging onto online retailers, consumers are encouraged to determine just how much they can realistically spend on gifts, food, and entertainment. It’s also wise to draft shopping lists for who and what needs to be purchased to avoid straying from the plan.
Target has just announced exciting developments for the holidays, touting numerous deals and savings opportunities. Savings expert Trae Bodge has been spreading the word about how consumers can benefit from initiatives such as Target’s Circle loyalty program, which provides exclusive discounts and daily markdowns. The popular “Deal of the Day” promotion returns this year, featuring tempting bargains on gifts and home goods for retailers signed up. Even Thanksgiving meals are more affordable with Target offering hearty meals for families of four starting at just $20.
Target has committed to reducing regular prices on over 2,000 items to help families manage holiday expenses. Plus, with its Holiday Price Match Guarantee, shoppers can feel at ease knowing Target will match competitor pricing shortly after their purchase. All of the above makes for valuable building blocks to tackle holiday shopping effectively, and how about maximizing savings through cash-back offers and coupons? Consumers can combine strategies by registering for email alerts from their favorite retailers to receive updates on sales.
The takeaway here is clear: The holiday season can be joyous and financially manageable with the right approach to spending. There’s no one-size-fits-all solution, but everyone can find their best strategy, whether it’s implementing slow shopping tactics, signing up for loyalty programs, or creating purchasing plans to help navigate the retail chaos. Armed with these tricks of the trade, consumers ready to celebrate the joy of giving can do so without being overwhelmed by their bank statements when the holiday dust settles.
