As the holiday season approaches, shoppers are already gearing up for their gift-buying spree. While some are diving into the holiday shopping early, others are holding out for popular sales events like Black Friday and Cyber Monday.
“I actually took my daughter and her friend out today to start our holiday shopping,” said Daniel, a West Springfield resident. “It’s good to get ahead of the rush.”
Many consumers are opting for early purchases this year, hoping to secure savings and avoid the price hikes often seen during peak shopping periods. Ashlynn Fennell of West Springfield noted, “Retailers tend to overprice items around the holidays, so it’s easier to just get it done earlier.”
In 2024, U.S. retail sales are projected to hit a record high, reaching $75 billion for the first time. However, some shoppers still prefer the excitement and deals associated with Black Friday, planning to wait for those sales to make their purchases.
“Prices drop, and it’s a great time to buy gifts for the holidays,” said Springfield resident Lanaisha, who looks forward to discounted prices on Black Friday.
According to the National Retail Federation (NRF), spending this holiday season is expected to grow by 2.5% to 3.5% compared to last year. The total holiday expenditure is anticipated to reach nearly $989 billion across November and December. A significant portion of this spending is expected to come from online shopping, with NRF forecasting an 8% to 9% increase in e-commerce, totaling almost $300 billion. Consumers are increasingly turning to digital platforms to complete their holiday shopping.
“I prefer shopping online because of the discounts, and it’s much easier without the in-person hassle,” explained Daniel Vazquez, also from Springfield.
As holiday spending ramps up, financial experts urge shoppers to stay on track with their budgets. To avoid overspending, they recommend:
- Creating a list of everyone you plan to buy gifts for.
- Assigning a set budget for each person.
- Regularly monitoring your bank account to stay within limits.
- Setting aside additional funds for larger gifts.
Experts advise that the typical rule of thumb for holiday spending is to allocate about 1–2% of your annual income on gifts. By sticking to a budget, shoppers can enjoy the holiday season without breaking the bank.
For those still undecided on when to start their shopping, it’s clear that whether early or on Black Friday, the holiday season is already well underway.
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