The 'slow shopping' trend offers a practical way to reduce holiday debt and avoid impulsive buys. With insights from financial experts and timely stats, this season's approach emphasizes making mindful spending choices, starting early, and tracking deals.
Digital Worldwide News
31st October 2024
As this holiday season ramps up, slow shopping can be an effective tool to reduce financial stress and avoid holiday debt.
The holiday shopping season is notorious for encouraging impulse buys, but a new trend called “slow shopping” is turning the tables. Shoppers are beginning to buy less impulsively and focus on more intentional purchasing, which is proving to be a real game-changer for holiday budgets.
Why Slow Shopping is Different This Year
With a growing awareness of debt, over 73% of consumers are opting to shop slower, according to a recent Affirm survey. This approach not only helps manage spending but also promotes thoughtful buying choices.
“Every year, we see consumers starting their holiday shopping earlier, but this time it’s different — they’re taking their time,” says Vishal Kapoor, SVP at Affirm.
Impulse Buys and Holiday Debt
Holiday sales often feel too good to pass up, creating a breeding ground for impulse buys. A Bankrate survey revealed that over 54% of adults made at least one impulse buy during last year’s holiday season, often driven by flashy discounts and the fear of missing out on deals. And it's no surprise: retailers are pushing their best sales on big red signs and social media ads.
According to Rod Griffin from Experian, these visuals tempt shoppers to spend on unnecessary items. “It’s easy to get caught up in the excitement,” he says.
How Slow Shopping Reduces Impulse Buys
Slow shopping encourages you to pause and think through every purchase rather than acting impulsively. Consumer savings expert Andrea Woroch explains that slow shopping allows you to “move past an emotion and make a more level-headed buying decision.”
Waiting for the Right Price
Taking time to shop also opens up better timing for discounts. A price-tracking tool, such as CamelCamelCamel or Keepa, can help track price drops on high-value items, ensuring you buy at the best price.
Not only does this approach let you catch great deals, but it also gives you time to save. Slow shopping can be an excellent strategy for saving up for big-ticket items without breaking the bank.
73% of Consumers Are Trying Slow Shopping
This year, slow shopping is becoming mainstream as shoppers look to curb holiday overspending. Affirm’s survey found that 60% of people are starting their holiday shopping earlier than last year to plan purchases carefully. Half of shoppers also said they’re using slow shopping to score more deals and promotions, allowing for more bang for their buck.
As Vishal Kapoor puts it, “Slow shopping is a way to take control and approach the season with strategy.”
Current Credit Card Debt Levels
Holiday spending comes at a high cost. The National Retail Federation estimates that spending between November and December is projected to reach nearly $989 billion this year, while Deloitte reports an 8% rise in average holiday spending.
Additionally, a report from NerdWallet shows that 28% of shoppers who used credit cards last holiday season haven’t fully paid off that debt. With credit card debt at an all-time high of $1.14 trillion, paying in cash or using payment options without interest can reduce unnecessary debt.
Setting Boundaries: The Key to Saving
One way to navigate holiday expenses without overspending is to create a strict holiday shopping list and stick to it. According to Experian’s Griffin, “Having a plan reduces impulse spending significantly.” Experts suggest that starting a holiday fund can also make the spending season less financially daunting.
Getting Early Deals
Starting holiday shopping early also means you’re less rushed and can time purchases for better deals. Retail expert Adam Davis advises consumers to sign up for newsletters and alerts, which often provide access to early discounts and exclusive promotions. Signing up for loyalty programs is a smart way to unlock these perks.
Davis adds, “With the holiday season shorter this year, retailers are likely to start promotional sales earlier to maximize their reach.”
Social Media’s Influence on Impulse Buying
Social media ads play a significant role in holiday shopping. Last year, Bankrate found that nearly half of all impulse buys were driven by good prices or enticing sales that consumers discovered on social platforms.
Experts agree that sticking to slow shopping tactics, even when bombarded with ads, can help you navigate social media without falling into spending traps.
How to Set a Budget That Works
Financial expert Ted Rossman from Bankrate recommends establishing a strict holiday budget. A simple approach is to divide a set amount across gifts, activities, and travel.
“Having a set holiday fund is great because you can spend without worrying about overspending or accruing debt,” Rossman advises.
A Clear Holiday Budget Matters
Holiday spending can pile up quickly without a firm budget. Experts emphasize that a clearly defined budget is essential for slow shopping success. Using budgeting apps can help track expenses and keep holiday spending on course.
By sticking to this approach, you can avoid buyer’s remorse and enjoy a less stressful, more meaningful holiday season.