With Amazon.com’s new Prime shopping days this week, and as Walmart, Target, and Best Buy look to match the digital retail giant discount to discount, holiday shoppers are getting an early opportunity to land great deals.
All told, 41% of American adults plan to start shopping by the end of October, according to a new study by Shopify.
Related: Popular retailer moves from Chapter 11 bankruptcy to liquidation
A separate Bankrate study ups that figure even higher, noting that just over 50% of shoppers plan on breaking out their wallets early this holiday season. Compare that figure to 2022, when only 30% of shoppers said they were starting early.
For savvy shoppers who know how to maneuver the crowds and deals, even as early as October, the key is to stay within budget and know when and where to strike, deal-wise, with their early shopping strategies, says Bankrate senior industry analyst Ted Rossman.
“It’s only the second week of October, but Black Friday has come early for holiday shoppers. Walmart’s 'Holiday Kickoff' sale began last night and runs through tomorrow, Amazon’s Prime Big Deal Days are today and tomorrow,” Rossman says. “Best Buy is running a 48-hour flash sale today and tomorrow and Target got the party started with its “Circle Week” pre-holiday promotion last week.”
More Retail:
- ‘Too pretty’ Home Depot worker faces backlash after viral mirror post
- A classic kitchenware brand files for Chapter 11 bankruptcy
- Who’s running The Gap? With no CEO, retailer hurtles toward crisis
In the last two years, early holiday shopping was defined by supply chain problems.
“There was a feeling that if you didn’t order early, you might not get your items in time for the holiday. Now, I think the motivation is more financial,” Rossman said. “A third of holiday shoppers expect inflation to impact their buying habits and 25% are stressed about the cost of holiday shopping.”
If you’re in an early holiday shopping mood, Rossman offers the following tips.
Take advantage of having more time. An early start gives shoppers more time to research the best deals and spread out their cash flow.
“If nothing else, it’s smart to set money aside from every paycheck between now and the end of the year,” he said. “The average credit card rate is a record-high 20.72% — avoid carrying that kind of expensive debt if at all possible. But if you can pay in full and avoid interest, then credit cards represent a great money-saving strategy.”
Look to stack discounts. Try combining a store promotion with a rewards credit card and an online shopping portal. “That’s three ways to save on the same purchase,” Rossman said.
Get tracking. It’s also a good idea to track all package deliveries by using tracking numbers. Try buying gifts and goods from trusted retailers who’ll happily provide package numbers for online deliveries.
If you’re really worried about buying pricey gifts online, go ahead and insure them. Most reputable retailers offer optional package shipping insurance for expensive items.
Get exclusive access to portfolio managers and their proven investing strategies with Real Money Pro. Get started now.
