6 Reasons Frugal People Wait Until the Last Minute for Holiday Shopping
When it comes to holiday shopping, more and more Americans are playing the long game. As research shows, people are delaying the process to get more bang for their buck. But looking out for better deals is just one of the reasons why many wait until the last minute for gift hunting. Financial shortages, packed stores and high inflation play major roles, as well.
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Why are frugal people putting off their holiday shopping? Is it the best tactic?
Better Discounts
Forget about Black Friday or Cyber Monday! As the holidays approach, retailers are more eager to hit their sales goals. This means clearing out inventory and offering higher discounts than usual. Frugal shoppers know this — that’s why they are willing to wait and, consequently, get access to amazing deals.
“Frugal people often put off their holiday shopping until the last second, because they’re all about getting the best bargains,” said Echo Wang, co-founder and CEO of EpicBooks. “They know the stores usually slash prices as the holidays get closer to lure in last-minute buyers. So, by holding off, they can snag better deals. They don’t mind waiting a bit longer if it means they can make their budget go further and end up with more stuff for less cash.”
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Financial Shortages
Although there are several benefits to last-minute holiday shopping, many Americans delay the task not by choice but by necessity. According to a 2023 Slickdeals survey, many people who didn’t purchase any items on Black Friday or Cyber Monday feared recession and high inflation. Rapidly increasing interest rates and wage stagnation certainly didn’t help, either!
Waiting until the last minute to shop gives frugal buyers more time to save up.
More Time To Plan
Gift-giving can be stressful. Even if it brings you joy to get someone a present, there is some pressure involved in the process. That’s why it doesn’t come as a surprise that many people procrastinate and put aside the task for as long as possible.
So, what’s the good of doing so? Americans who delay their holiday shopping have more time to plan. This means there are more opportunities to find a gift for a better price and avoid giving a duplicate item.
Changing Consumer Behaviors
Over the last few years, consumer behavior has undergone significant transformations. Current consumers engage in thorough research before making any purchases. Data from Capital One shows that 45% of millennials compare prices across different retail stores to get their hands on the best deals. This, of course, is also true for holiday shopping.
Great Online Deals
Last-minute deals are often just a click away, as online retailers roll out incredible discounts at various times during the holiday season. Furthermore, if you’re okay with a slight delay in gift delivery, you can often take advantage of free standard shipping when you meet the minimum purchase threshold.
“Last-minute sales and flash deals are pretty common nowadays, but they’re a high-risk, high-reward strategy,” said James Moore, senior editor at Savings.com. “This strategy may end up costing shoppers, however. If you don’t trust that you’re getting the best deal during holiday sales, the safest way to ensure that you’re saving money is to shop earlier in the off-season — think summer clothes in winter, candy right after Halloween, etc.”
Waiting for Green Monday
It’s easy to get confused when there are so many shopping events occurring within a two-month period. But one date that should be marked on your calendar — if you don’t want to break the bank during the holiday season — is Green Monday. The second Monday of December offers some of the season’s best sales. Don’t miss them!
Other Ways To Save Money on Holiday Shopping
Yes, last-minute holiday shopping can sometimes be advantageous. But there are other ways you can “sleigh” holiday shopping and keep it on budget. Here are a couple of tips:
Set Gift Expectations
Many people feel pressure to overspend during the holidays. But this could be avoided by setting gift expectations early. Rather than buying each person a present, you can suggest doing a Secret Santa.
Come Up With a Gift Budget
To save money on holiday shopping, list everyone you’re buying gifts for. Once you have a clear number, set a specific budget, and track it using Excel or an app like Santa’s Bag. When you see your actual spend, you’ll be less likely to waste money on unnecessary things.
Compare Prices
As mentioned above, most consumers now compare prices across different retailers before making any purchases. If you’re not among these people, now is the perfect time to change your purchasing patterns! One way to do this is to use free third-party apps that allow you to track prices over time. Some will even alert you if your chosen item is on sale.
The Bottom Line
Shopping late won’t save you money if you’re not careful, though — managing holiday spending is challenging. If you’re in a rush to find anything, you can quickly exceed your holiday budget. And with inflation-hiked prices, there’s only so much you can buy with your dollar.
For this reason, it’s more critical than ever to ask yourself if your style of shopping has served you well. If the answer is no, it is time to work on changes that will help you stay within your budget.
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