(Newswire.net — November 24, 2020) — When the holidays roll around, it can feel like you have two options: spend to your heart’s content to curate the best experience possible or scrimp and save like a Scrooge.
Luckily, the holidays aren’t as black and white as this may suggest. There’s a way to celebrate the season without feeling like a Grinch.
Don’t believe it? Check out these holiday spending trends to gain more insight into your own shopping. You’ll find helpful tips to help you spend responsibly.
1. A Budget Helps You Spend Less
When it comes right down to it, a budget helps you spend less. That’s according to research compiled by YouGov, which found that 43 percent of shoppers with budgets spent just $703 on the festivities. That’s nearly $300 less than the national average.
A budget is a plan of attack giving intention to your spending. That’s why it’s a good idea to keep your budget up to date long after the festivities are over. It prioritizes your spending so that you’re less likely to squander money reserved for important bills.
If you’re having trouble paying bills on time, here are some things to consider before you take out an installment loan or line of credit. Adjusting your budget is just one way you can overcome these difficulties.
2. Most People Don’t Have a Holiday Budget
Despite the obvious benefits of a budget, few people follow one. Two-thirds of shoppers go into the holidays without a plan. Without one yourself, it’s hard to know how much can afford to spend on the festivities.
You’ll also lack the structure a budget brings to your shopping. You’re more susceptible to an inbox filled with marketing messages touting “deals you can’t miss” and “sales of the century.” These impulsive gifts can waste cash you need for other things.
3. The Pandemic Will Change the Way You Shop
There’s no telling how far-reaching the pandemic will be, but for now, it’s clear COVID-19 will impact how people shop.
Online Shopping
Keeping a safe distance from fellow shoppers is easy when you’re sitting on the couch, browsing from your phone. A new survey from consulting firm Accenture shows the majority of those surveyed plan to shop online to reduce the health risks of shopping in-person.
Buying Less
The same survey suggests the average person will be tightening their purse strings when looking for gifts. On average, people will spend just $540 on holiday shopping this year.
The financial pressure of COVID-19 is monumental, so it should come as no surprise that 40 percent of respondents pointed to the pandemic as to why they aren’t looking forward to the holidays.
Buying Early
According to the National Retail Federation, most store owners believe the holiday shopping season will last longer than ever. Nearly two-thirds of retailers agree that shoppers will spread out their shopping over several months to cushion the financial burden of these purchases.
Bottom Line
These festive holiday spending trends give you valuable insights into the way people spend their money. Look closely, and there’s a lesson in every fact. Whether using a budget or buying early, use these tips to help you make merry without overspending.
‘Tis the season of giving, but it doesn’t mean you have to go into debt to celebrate properly. With proper planning, you can enjoy the holidays without feeling guilty about what you spend.