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Shopping slow can save you money this holiday season. Here’s How It Works – NBC New York

Shopping slow can save you money this holiday season. Here’s How It Works – NBC New York

  • The trend toward making more informed purchasing decisions can help you avoid impulse buying and debt during the peak holiday shopping season.
  • According to a recent report, 73% of consumers said they are “slow shopping” this year.

Impulsive spending there is a cure.

The so-calledslow shopping” promotes the importance of taking time to think about every purchase so you can get more done informed purchasing decisionAccording to consumer savings expert Andrea Woroch.

“This is definitely a shopping trend worth adopting to help you avoid impulse buying and debt,” she said.

Shopping slowly will help you save money

“When you give yourself time to overcome your emotions or give yourself time to reevaluate your needs or wants without worrying about missing out on a deal, you can make better purchasing decisions,” Woroch said. “Often this will mean avoiding an impulse purchase.”

In many cases, there are good reasons to wait. Slow shopping allows you to time your purchase based on when it will sell for the lowest price, Woroch explained.

A price tracking browser extension like CamelCamelCamel or Keepa can help you keep an eye on price changes and alert you when the price drops.

Shopping slowly also gives you more time to shop. save up for expensive goods.

73% of shoppers shop “slowly”

Slow shopping has already gained popularity this year as an antidote to spontaneous shopping habits, which experts largely consider to be the Achilles heel of many consumers.

Nearly three-quarters (73%) of consumers said they chose this approach during the holiday shopping season, according to the study. survey 2000 adults Confirm.

About 60% said they start shopping earlier and are careful about what they buy, and about half of shoppers said they use slow shopping to take advantage of more deals and promotions, Affirm also found.

“Every year we see consumers start their holiday shopping early, but this time it’s different—they’re taking their time too,” Vishal Kapoor, senior vice president of product at Affirm, said in a statement.

More from the “Personal Finance” section:
28% of credit card users are paying off last year’s holiday debt
Two in five cardholders have reached or are close to their credit card limit
Holiday shoppers plan to spend more

In 2024, rates will be higher. credit card debt already in $1.14 trillion.

This year, spending between November 1 and December 31 is expected to rise again to a record $979.5 billion to $989 billion, according to National Retail Federation.

Shoppers can spend an average of $1,778, up 8% from last year. Deloitte Holiday Retail Study found.

At the same time, 28% of shoppers who used credit cards missed out on gifts they bought last year, according to a separate report on holiday spending. NerdWallet.

“Too often during the holidays there is a urge to overspend,” says Rod Griffin, senior director of consumer education and advocacy at Experian.

“Big red signs increase the temptation to buy,” he said.

More than half—54%—of adults made at least one impulse purchase last holiday season, according to a recent Bankrate survey.

Most of them were chasing deals. According to Bankrate, approximately 44% of consumers who made unplanned purchases last holiday season bought it because they thought it was a good price or because the item was on sale. Social media influence I’m also partly to blame.

Ahead of the holiday season, a third of shoppers said they plan to spend less than last year. Bankrate surveyed more than 2,400 adults between September and October.

The Best Ways to Save on the Holidays

To better manage vacation expenses, “it’s becoming increasingly important to have a plan,” Experian’s Griffin said.

“When you’re thinking about holiday shopping, make a list and check it twice,” he said. “Use it to control your spending and resist impulse buying.”

Saving money for a holiday fund can also help, said Ted Rossman, senior industry analyst at Bankrate. “If you’ve put money aside for it, you’ll have more freedom to spend without going overboard or taking on expensive credit card debt,” he said.

Starting early is another important way to save money, according to other experts.

With Black Friday and Cyber ​​Monday arriving later this year, “the holiday season will be shorter, which will force retailers to move heavily in November,” said Adam Davis, managing director at Wells Fargo Retail Finance.

Davis advises consumers to sign up for store email newsletters and mobile alerts, which can provide access to early deals and discounts, or at least free shipping. “It could be as simple as signing up for loyalty programs,” he said.

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