The holiday season is fast approaching, and many shoppers are looking for ways to save money and avoid overspending. A recent survey found that 73% of consumers are adopting a “slow shopping” approach this year to make more mindful buying decisions. Slow shopping promotes taking time to think through each purchase and make informed decisions.
Consumer savings expert Andrea Woroch says this trend can help avoid impulse purchases and taking on debt. “When you give yourself time to move past an emotion or allow yourself time to reassess your need or desire without the worry of missing a deal, you can make more level-headed buying decisions,” Woroch said. “Often, this will mean dodging an impulse purchase.”
Slow shopping also allows more time to research big-ticket items and time purchases based on when they are on sale for the lowest price.
Price-tracking browser extensions like CamelCamelCamel or Keepa can help keep an eye on price changes and alert when a price drops. The stakes are higher in 2024 with already increased holiday spending expectations. The National Retail Federation expects spending between Nov.
1 and Dec. 31 to reach a record total of $979.5 billion to $989 billion.
Slow shopping tips for holiday savings
Shoppers may spend $1,778 on average, up 8% compared with last year. At the same time, 28% of shoppers who used credit cards have not paid off the presents they purchased last year, according to a separate holiday spending report by LendingTree. Rod Griffin, senior director of consumer education and advocacy for Experian, says there is often an urge to overspend over the holidays.
“The big red sales signs increase the temptation to buy,” he said. To better manage holiday spending, Griffin says “it becomes increasingly important to have a plan.” He advises making a list and using it to guide spending and resist impulse buying. Setting money aside in a holiday fund can also help, according to Ted Rossman, senior industry analyst at Bankrate.
If you’ve set money aside for it, you have more freedom to spend without overdoing it or taking on expensive credit card debt,” he said. Starting shopping earlier is another important way to save money. Adam Davis, managing director at Wells Fargo Retail Finance, says with Black Friday and Cyber Monday falling later this year, “it’s a shorter holiday season and that will force the retailer’s hand to be pretty promotional in November.
Davis advises consumers to sign up for store e-newsletters and mobile alerts, which may provide access to early deals and discounts.
“That can be as simple as signing up for loyalty programs,” he said. By adopting a slow shopping approach and being mindful of spending, consumers can avoid impulse purchases and debt this holiday season while still finding great deals on gifts for loved ones.
