There has been a lot of skepticism about this year’s holiday shopping season. Skepticism has come from retailers and consumers alike. But, the outcome from Black Friday and Cyber Monday should put every one’s fears at ease.
Polls showed that consumers were planning on spending a lot less this year. However, polls show people’s intentions, not their actions. As a society, we often act differently (especially when it comes to spending money) than we intended. There are three main reasons why people acted differently than their intentions predicted…
1. It’s for the kids! Parents and other adults seem to deprive themselves so that they can give to the kids. It often means us going without so that the kids can have the latest and greatest toys.
2. Frugality. There seems to only be so much frugality that people can take. Consumers get tired of deprivation. This deprivation leads people to to splurge and sometimes go overboard.
3. Math skills. Many people think they are getting great deals until they stop to actually add up the math. Many consumers do the math too late and end up making mistakes when it comes to holiday shopping.
Here are some helpful tips for smarter holiday shopping this year.
1. Check it out - Retailers can be tricky and crafty. They have to be, especially in today’s economy. Be careful when doing your holiday shopping. Do your research and make sure you aren’t buying the same things over and over and over.
2. Make a list - If you tend to forget about the gifts you’ve already purchased, go ahead and make a list. Lists can prevent you from overspending and help you prioritize.
3. Cost vs. Value - Sometimes it pays off to spend a little bit more money. Check out the quality. Would it be worth it to spend $5 extra for the one you know is going to last?
4. Know your rewards - Before doing any holiday shopping, review the reward benefits for all of the programs you are a member of; MyPoints, InboxDollars, AMEX, etc. It really pays off to review the reward options for each store before making any purchases.
5. Compare, compare, compare - Just because you think something is a great deal, you should still do a little bit of research first. It is safe to assume that anything that is really cheap is the lowest-end quality. Do your research before spending any of your hard-earned money.
6. Don’t rationalize - Don’t give yourself a guilty conscience just because you bought yourself a sweater. It is also important to realize that you can’t buy everything on your list. Your loved ones can’t have EVERYTHING they want. Count your blessings instead of rationalizing.
7. Keep your perspective - Perspective is the most important thing to have this holiday season. Keep in mind that the people on your list are going to be thrilled to get whatever you got them. If you don’t buy it, they certainly can’t miss it.
These tips are sure to come in handy this holiday season. The most important thing to remember is that you can make a lot more out of your holiday shopping if you do your homework and stay informed.
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