FRESNO, Calif. (KFSN) — When it comes to gift-giving, we’ve all heard it’s the thought that counts, but this year, more shoppers are applying that sentiment to their budget.
Mary Hines Droesch, financial expert with Bank of America, says that even though debit and credit card spending is up by 3%, people are making choices to make their dollars go further this holiday season.
As pressure builds on people’s budgets, a recent Bank of America survey shows consumers are re-thinking their shopping strategy.
“38% are limiting who they’re shopping for this season to immediate family and close friends and being very careful about where they shop, with 87% intending to shop at a discount store this season,” says Droesch.
Stretching your dollar starts with a budget.
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“Make a list, check it twice and the hard part is sticking to it,” she says.
Make sure the list includes who you want to buy for, how much you want to spend and don’t forget to add the cost of gift-giving expenses, including wrapping paper and scotch tape.
Droesch goes on to say, “Given all of the inflation that people are still experiencing, as well as the uncertainty of tariffs, we’re seeing a huge increase in places like warehouses where you can buy in bulk, get your stocking stuffers and things at a much lower cost.”
But that shift in behavior doesn’t apply to family pets.
“80% are planning on treating their dog, cat or other pet this season,” she says. “Millennials and Gen Z, almost 20% of them said they’re going to spend more on their furry friends than human friends.”
Additional ways to stretch your dollar include leveraging AI to compare prices and making the most of credit card rewards and cash back offers.
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