About a quarter of Americans (26%) do the bulk of their holiday shopping in December, according to the 2023 Intuit QuickBooks Holiday Shopping Survey. And 15% wait until December to even start buying gifts.
With big sales like Black Friday and Cyber Monday in November, why are so many putting off shopping until the last minute? According to recent research and consumer behavior experts, there are a few possible reasons.
Why Americans Are Delaying Holiday Shopping
Americans may delay their holiday shopping this year due to financial shortages. Factors such as record-breaking inflation, rapidly increasing interest rates and wage stagnation over the past two years have left many spread thin. Dana M. Peterson, chief economist of The Conference Board, said in a November press release that many Americans are entering the 2023 holiday season cautiously and with less confidence.
And Peterson isn’t the only one with that take.
“According to our survey, many Americans might delay their holiday shopping due to financial concerns and the growing trend of changing consumer behavior patterns. Consumers tend to avoid shopping events because of overcrowding (19.4%) and the belief that retailers manipulate prices (15.8%),” Michael Podolsky, CEO and co-founder of the website PissedConsumer, said in an email.
In a 2023 Slickdeals survey, the majority of consumers who didn’t plan to shop Black Friday or Cyber Monday deals this year attributed it largely to the impacts of inflation on their disposable income and fears of a recession. Zeta also found that 53% of consumers cut spending on items beyond necessities in 2023, either partially or completely.
Beyond financial shortages and changing shopping patterns, McKinsey reports that some shoppers are holding out because they expect sales to come closer to Christmas day.
Last, some people just don’t like shopping and aren’t big on the holidays so put it off as long as possible.
“Shopping is fun only to a certain demographic — most of us find it to be a pain, so any procrastination is probably to be expected,” Vijay Marolia, managing partner and chief investment officer of Regal Point Capital Management, said in an email.
Don’t Delay Shopping Because You’re Waiting for the Best Deals
If you’re holding off on holiday shopping because you want to get the best deal, there are a few ways to increase your odds.
Consider using a price tracking tool like Camelcamelcamel, Honey or the Capital One Shopping browser extension. These can quickly help you view the pricing history of an item and see if it’s cheaper somewhere else.
[Related:Best Coupon Sites, Browser Extensions and Apps]
You can also shop from stores offering price match guarantees. For example, Target offers price matching through Dec. 24 on items purchased on or after Oct. 22, 2023. Best Buy also offers holiday price matching through Jan. 13 on items purchased between Oct. 27 and Dec. 30.
Remember, don’t wait too long on hot items like new toys or electronics as they may sell out.
[Related:Buy These 6 Things Early This Holiday Season]
How Not to Be a Last-Minute Holiday Shopper
If you’re a last-minute holiday shopper but would like to change that in the upcoming year, these steps may help.
“To better allocate purchases throughout the year, you could designate a place in your home that is well organized and encourages you to put presents aside. The key here is to be organized which is the common thread through this type of behavior,” Reilly Newman, brand strategist and founder of Motif Brands, said in an email.
“Having an organized list in Notion or a spreadsheet can help you remember the gifts you purchased, the price you paid and where you stashed it for that special person. Tracking your behavior can help you shop effectively as well as budget for each individual so you don’t overspend when those seasonal sales come around,” says Newman.
[Related:Tips to Avoid Overspending on Gifts This Holiday Season]
If you don’t want to purchase gifts throughout the year, you can save money each month to spread the costs out over time or look for alternative ways to cut costs.
“If it’s difficult to save, consumers can focus on prioritizing essential purchases and looking for alternatives to reduce costs, like buying at thrift stores or making DIY gifts. Additionally, taking advantage of sales throughout the year and using loyalty programs or discount coupons can significantly reduce spending without the need for monthly savings,” Podolsky says.
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Why So Many Americans Delay Holiday Shopping — And Why You Shouldn’t originally appeared on usnews.com
