Money Saving Recession Holiday Tips : What you need to know this holiday season
With the current recession, consumers are thinking about ways to cut costs, and save money while still maintaining some sense of normality. This difficulty becomes most apparent during the holiday season, when generous spirits and a desire to buy the best gifts conflict with the realities of a diminished budget. According to a recent survey fromPriceGrabber.com, 75% of shoppers are more concerned about holiday gift giving this year than they were in previous years. According to the same survey, only 41% of respondents said they plan to start saving for the holidays earlier than last year and 36% admitted that they don’t save up for the holidays at all.
Retailers are also worried about the upcoming holiday season. Last year’s sales were down by more than 2%, according to the International Council of Shopping Centers. A drop in November sales of 2.7% and an additional drop in sales in December of 1.7% added up to the largest industry decline since 1970. With consumers worried about rising gas prices, falling housing values and disappearing jobs, this year might just decline even more sharply this year.
So the question remains: how can concerned consumers ensure the holidays don’t wreck their newly created sense of frugality or newly tightened budgets. Experts recommend you move to an “all cash” holiday.