Consumers used to begin holiday shopping after Thanksgiving, but these days, deals commonly pop up throughout November for people eager to get a head start. That doesn’t mean they’ll open their wallets without hesitation, however.
While the National Retail Federation expects $1.013 trillion in retail sales this month and in December, sharply higher gas and grocery costs could force many holiday shoppers to spend more carefully. The good news is that with the right strategy, they may be able to save money as they check presents off their list.
Here’s what some retail industry experts suggest for savvy shopping this season.
Shop around
We’re all busy, so sometimes buying as many holiday gifts as possible from a single retailer is appealing. But Tom McGee, president and CEO of the International Council of Shopping Centers, said one of the easiest ways to save money this year is to buy from different retailers and brands.
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“Compare prices at stores you wouldn’t normally visit, consider private-label alternatives and look for comparable products at lower price points,” he said. And don’t assume a brand you’re not familiar with is low in quality without reading reviews or doing your research.
Shop at physical stores
Online retailers often have extensive warehouse and distribution networks that allow them to stock items in bulk. Physical retailers, particularly independent ones, often have limited storage and shelf space, so you may be more likely to find a deal by walking into a store, McGee said.
“Don’t assume the best holiday deals are only online,” he said. “Checking local stores, comparing prices across neighboring retailers and taking advantage of in-store pickup can help shoppers stretch their budgets and avoid shipping costs.”
Check the final price, not the advertised discount
We’ve all been in this situation. You walk into a store, see a “50% off” sign and rush to load up your shopping cart. Elvira Christiansen, director of retail and loyalty for AARP Services, said it’s a common trap.
“A bigger percentage-off claim doesn’t necessarily mean a better deal,” she said. “Look at the actual price you’ll pay and factor in shipping, delivery, installation and other fees before deciding where to buy.”
Don’t wait for major shopping events
Black Friday and Cyber Monday are often touted as major sales opportunities. But don’t assume those are the only times to save this season.
“My best advice is to spread out your shopping and take advantage of promotional opportunities as they arise rather than relying solely on Black Friday or Cyber Monday,” McGee said.
Begin monitoring prices early if there are specific items you know you intend to purchase, Christiansen advised.
“Starting earlier gives you more time to compare offers and makes it easier to recognize whether a promotion is actually a good value rather than buying simply because something is labeled a Black Friday deal,” she said.
Review price-adjustment policies
In the context of holiday shopping, there’s perhaps nothing more frustrating than buying an item at what looks like a great price only to find an even lower price three days later. Kristin McGrath, senior editor at The Krazy Coupon Lady, said it’s important to review a retailer’s price-adjustment policies before making a purchase so that if a better price comes along, you can ask for the difference.
McGrath cautioned that these policies can vary substantially from one retailer to the next. And while some stores offer longer price-adjustment windows during the holidays, she has seen them narrow over the years.
“Many stores used to offer to match or adjust prices based on their competitors,” she said. “Now it’s more common that they’ll simply match or adjust based on their own prices.”
Keeping track of store policies could help you save not only money, but time during the shopping season.