The holidays are almost here, and it’s time to start shopping for gifts. According to the National Retail Federation, retail sales in November and December have been growing every year since 2009, reaching $936 billion in 2022. However, it’s easy to lose track of spending when buying many gifts.

A recent survey by Bankrate revealed that 23 percent of Americans expect their winter holiday shopping to strain their budget, and 13 percent feel pressured to spend more than they’re comfortable with. Inflation is also impacting purchase decisions for 33 percent of holiday shoppers.

To help manage your Christmas shopping this holiday season, here are some useful holiday spending statistics and six tips.

Key holiday spending statistics:

• 37 percent of holiday shoppers plan to start shopping in November.
• 33 percent of holiday shoppers say inflation will affect their shopping decisions.
• Lower-income groups are feeling the effects of inflation at a higher rate, with 36 percent stating it will change how they shop.
• 53 percent of U.S. holiday shoppers plan to use credit for at least some of their holiday purchases.
• Many holiday shoppers plan to use money-saving tactics, such as seeking out coupons, discounts, and sales.

Tips to manage holiday shopping:

1. Save money in advance: Consider setting up a dedicated savings account early in the year or use credit card rewards to offset holiday shopping costs.
2. Make a budget: Set a clear budget for your holiday spending to avoid overspending and going into debt.
3. Do your holiday shopping early: Start shopping early, between October 1 and December 1, to take advantage of sales and have more time to compare prices and find the best deals.
4. Look for discounts and free shipping: Compare prices, look for discounts, and consider shopping online to find deals and save on shipping.
5. Explore alternative gift options: Set a spending limit for gift exchanges and consider group gifts or homemade gifts to save money.
6. Consider homemade gifts and experiences: Create memorable experiences or homemade gifts that show thought and effort.

Remember, the holidays are about creating meaningful memories with loved ones, and you don’t need to overspend to make it special.

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