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Are You Ready For The Holidays?

Are you ready for the holidays? | Woman putting Christmas Gifts in Car

By Jean Chatzky*

Ready For The Holidays?

Every year the folks at consulting firm Deloitte come out with predictions for the holiday shopping season. This year they’re projecting that spending from November to January will increase 1% to 1.5% and – if we get another round of stimulus from Uncle Sam, those numbers could rise. Considering that a recent TransUnion study showed that COVID-19 continues to impact the finances of 52% of Americans (hitting Hispanic consumers and Americans with children at home even harder), I wasn’t expecting that.

Accounting for the rise, Deloitte and others point to the strength of e-commerce, which may really be the gift that keeps on giving. Although just half of consumers did the bulk of their holiday shopping online last year, this year nearly-three quarters say they plan to do so according to Millennials are leading the way here with 74% steering clear of brick-and-mortar stores this year, compared with 70% of Gen Z, Gen X and Baby Boomers. Why are they sticking so close to their computers and mobile devices? Convenience is the most cited reason – even topping the desire to avoid human contact among the older folks who are likely to be most at-risk of COVID-19.

Ready For The Holidays

And you can expect this holiday season to be different in a few other ways as well. For instance:

Don’t Wait To Buy

Different Gifts Are “In”

* This guest article, “Are you ready for the holidays?”, is from the “Your Money Blog” in Mid Oregon’s digital banking Credit Savvy resource. “Are you ready for the holidays?” is made possible by Savvy Money.

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