The Halloween candy didn’t even have time to become a memory before this year’s deluge of holiday ads hit the airwaves. Retailers seem to ramp up their advertising efforts earlier each year — and possibly for good reason.
Half of Americans say they started their 2023 holiday shopping in October or earlier, according to a survey of 1,000 adults by consulting firm McKinsey & Company.
For many, those early holiday sales may be what’s getting them into the stores. Nearly two-thirds of respondents say better prices and promotions are a top shopping consideration this year.
Beyond getting a good deal, shopping early means you won’t be disappointed by poor selection, can rest easy that online orders will arrive on time and don’t have to stress about fighting last-minute crowds in the stores.
Here are five reasons why you should start your holiday shopping early this year:
1. Sales Are Starting Early
In the past, the day after Thanksgiving reigned supreme as the top shopping day of the year. But that has changed.
“The concentration on Black Friday as a shopping day has dissipated,” says Kelly Pederson, partner and U.S. retail lead for PwC.
Nearly a third of consumers surveyed earlier this year by Gartner Marketing said they planned to begin shopping for the holidays between July and October. Another 29% said they would start stocking up on gifts in November.
Retailers have ramped up their sales offerings to help catch those early shoppers. Both Target and Walmart have already rolled out holiday deals with discount pricing that used to be reserved for Black Friday. Best Buy and Lowe’s have also hopped on the early Black Friday bandwagon, while numerous other retailers have launched holiday sales.
[What Stores are Open (and Closed) on Black Friday?]
2. Selection Will Be Better
The supply chain issues of the pandemic era seem to have been largely resolved, but there could still be shortages of certain products. That can be especially true for hot gift items.
“If you wait too long, you might not be able to find it or you may pay more,” says Trey Loughran, CEO of Purchasing Power, a retailer offering a voluntary benefits program for employees that allows them to purchase products and pay them off over a year via payroll deductions.
Beyond that, shopping early means you won’t have to worry about shipping delays for online orders. While the logistic bottlenecks during the pandemic are a thing of the past, you never know when a major weather event or other disaster could delay packages.
3. Inflation Could Drive Prices Higher
Last-minute shoppers are familiar with the practice of stores slashing prices immediately before the holidays, but that’s not guaranteed.
“Although that tends to be a big deal time, we do have inflation going on,” says Jamie Hopkins, CEO of Bryn Mawr Capital Management. “That’s a little bit of an unknown right now, but it’s a risk.”
The Consumer Price Index — a main measure of inflation — rose 0.2% in October, up significantly from June of this year when it actually dropped 0.1%. Overall, inflation is up 2.6% from a year ago.
Depending on how the numbers go through November and December, it’s possible some prices may increase rather than decrease as we get closer to the holidays.
[Inflation Calculator: See How Much Inflation Is Costing You]
4. Early Holiday Shopping Can Be Better for Your Budget
Shopping early gives consumers ample time to find the best deals and save money. It also allows families to spread their spending over multiple paychecks and avoid credit card debt. With today’s higher interest rates, charging purchases and carrying a balance can be costly.
“Manage your shopping in such a way that you don’t find yourself having to utilize very expensive credit options because you haven’t planned accordingly,” Loughran says.
Early shoppers need to be wary that they don’t overspend though.
“We know behaviorally that making a lot of small purchases is easier (than buying all your gifts at once),” Hopkins says. “There’s a risk you might overspend if you’re not paying attention.”
[Read: Inside the Psychology of Overspending and How to Stop.]
5. You’ll Enjoy the Season More
Perhaps the best reason to do your holiday shopping early is to have time to focus on more important priorities as we get closer to the end of the year.
Shopping online earlier means less stress about whether packages will show up on time, and heading to the stores before Black Friday may mean fewer crowds to fight. Plus, buying gifts in advance means plenty of time to wrap presents rather than trying to squeeze it all in during a single night.
Everyone says they want the holiday season to be meaningful, but it’s hard to enjoy the moment if you are constantly chasing deals. Shop early this year and enjoy a more relaxed December for a change.
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Why You Should Start Your Holiday Shopping Early This Year originally appeared on usnews.com
Update 11/22/24: This story was previously published at an earlier date and has been updated with new information.
