Little Rock, Arkansas – Many individuals are rushing to complete their holiday shopping list because it’s the most wonderful time of the year.
Arkansas’s Chief Economic Forecaster, Michael Pakko, reports that holiday spending has once again reached an all-time high.
“The National Retail Federation is forecasting about 2.5% – 3.5% growth compared to last year, which would be a record high spending for consumers,” Pakko stated. “That said, that’s a relatively small increase year-to-year but we have inflation down a little bit from where it’s been in the past couple of years.”
Spreading out gift payments to lessen the impact is a pattern that Pakko claims is developing as a result of that inflation.
However, advertisers have paid attention to customers this year, understanding that people are most concerned about saving money.
“They’re very cognizant of the fact that Thanksgiving came five days later than it did last year so that shortens that shopping season between Thanksgiving and Christmas,” Pakko stated. “A lot of consumers are shopping early and retailers are putting out their promotions early.”
Fortunately, Pakko notes that as you prepare for a Christmas feast, you may notice a slight decrease in your grocery price by following the Thanksgiving trend.
“We found that the cost of a Thanksgiving meal this year was less than it was last year, particularly because the price of turkey has gone down,” Pakko stated. “Generally, we’ll muted price increases on holiday meal items, which is a good sign.”
Here are some pointers in case you are still looking for the ideal present or are completing your last-minute shopping: “Look for those sales and promotional activities,” Pakko said. “Big sellers so far this year seem to be clothing, accessories, and toys, although gift cards are also increasingly popular.”
