For shoppers who are just starting to think about how much Halloween candy to buy for trick-or-treaters, the news that retailers have already kicked off the holiday shopping season may come as a shock.
“Black Friday starts in October now,” said Ted Rossman, senior industry analyst at Bankrate.
Target, Walmart and Amazon have already offered their first round of preholiday deals.
“I’m actually in favor of the early start. I think it gives people more time to spread out their cash flow and find the best deals,” Rossman said.
While inflation may have some consumers a little wary of spending, there’s good news, according to Rossman: “I do believe this will be a strong year for discounts, and buyers kind of have the upper hand right now.”
Rossman offers the following tip: “Combine those store promos with a rewards credit card that you, hopefully, pay off right away.”
How are consumers feeling heading into this holiday season?
Rossman said, “One in three holiday shoppers say that inflation is impacting their holiday buying habits. … Only one in four holiday shoppers are likely to spend more than they did last year.”
Of course, what shoppers say and how they behave when good deals are offered can differ.
“For instance, one in four said they’re likely to take on holiday debt. Sadly, I think the true toll is going to be higher, because half of all credit card holders already have debt,” he said.
When it comes to where people go for their holiday shopping, Rossman said, “E-commerce continues to surge. That’s another thing that took off during the pandemic and hasn’t looked back.”
And there’s a shift in e-commerce, “Mobile is taking over from computers as the primary ordering device, people are getting more comfortable with the small screen and doing a lot of buying there,” said Rossman.
And he said there’s a trend that’s continuing: “Experiences continue to be hot. Everything from travel to dining and concert tickets and sporting events,” are attracting consumers, who are less likely to double up on goods for gifts.
The bottom line, said Rossman, “Shoppers are feeling pretty frugal, so retailers are going to have to offer discounts.”
Get breaking news and daily headlines delivered to your email inbox by signing up here.
© 2024 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.
