The economy crisis will be affecting all aspects of holiday shopping this year. Sales and coupons will be consumer’s biggest buys while regular priced items may collect dust on the shelves. People have even voiced that second hand shops for close friends and family will not be out of the question to buying gifts. Last year’s holiday decorations will be dusted off and reused before the purchase of new ones.
People will be more opt to buying practical gifts such as clothing and necessities rather than toys and novelty items. If people are creative that will give them even more options to make gifts this year. Homemade calendars with pictures printed right from your computer would make a great thoughtful gift. Joint gifts and secret Santa’s will probably be more popular this year as well. A ConsumerReports survey on 1,000 adults said that two-thirds of the U.S. plan to spend less this year and that 6 percent are still paying of last year’s holiday debt.
Some stores have already began trying to make sure that the smaller percent of people who will be shopping, shop at their stores by making sure they market themselves perfectly. Target.com has begun their free shipping promotion two weeks earlier this year and also has expanded the number of items available for free shipping. Some stores who have been already affected by last year’s lack of holiday spending might not have the funds to do as much advertising as the bigger stores.
Barry Judge the chief marketing director of Best Buy has began targeting young consumers this holiday season. By placing ads on Twitter and Facebook. By using these social media networks Best Buy can focus on the younger consumers and that is where they are, not looking in the newspaper.
The key to financially effective shopping this year is to start the season with a budget and a list. Start with your budget first, how much realistically can you spend this season. When doing so remember mostly everyone will be cutting back this season. Then make a list and next to each name and write the amount you want to spend on each person. Be creative and talk with siblings about secret Santa’s so you only need to buy for one family member than all five. Try to use cash unless you know factually you can pay your credit card off after each purchase. Holiday shopping shouldn’t put you in debt it should be fun!
By Kate Kiselka