Stress, financial strain on the rise this holiday shopping season

TAMPA, Fla. – Despite consumer worries over inflation and the state of the economy, retailers are expecting a potentially record-setting holiday shopping season.

The National Retail Federation (NRF) projects shoppers will spend an average of $902 on gifts this season, an increase of $16 over the current record set in 2019.

Inflation is among the big reasons for that projected increase, however, and that has many shoppers feeling stressed before they even hit the stores.

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A survey by Experian found 56% of consumers are worried about their finances this holiday season, while 63% admitted to overspending on gifts.

Of course, setting a budget can always make a difference. Experts, though, have other advice as well, including open communication with family and friends about gift-giving expectations.

“Talk to each other,” said Rod Griffin, Experian’s director of public education and advocacy. “We’re all feeling that hit in our wallet. Things are more expensive, and money may be a bit tighter. And so, if you talk to your friends and family and say, ‘Hey, look, I’m a bit restricted this year,’ you’ll probably find they’re feeling the same way.”

As for online shopping, there are tools available to make sure you’re getting the best deal before you buy.

Google Shopping, for instance, allows you to compare prices across different retailers for specific items. Amazon even has a feature where you can scan a bar code in a store to quickly see if it’s a better price than you’ll find on their site.

It’s also important to note that not all advertised sales are what they claim to be. Doing some early research on those gift ideas could go a long way toward making sure you’re not overpaying.

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