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Are You Ready For The Holidays?
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 CreditCards.com. 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:
- Halloween’s loss may be the rest of the season’s gain. Every year, about 40% of shoppers start their holiday shopping before Halloween. This year, with a bit of a damper on other Halloween activities (the number of people trick-or-treating and handing out candy is down according to the National Retail Federation, although the number who say they’ll decorate their homes is up), it may begin earlier still. Keep your eye on 10/13/20 – that’s being reported as Amazon Prime Day (although Amazon has yet to confirm) other than saying it will be in October. Whenever it falls, it will likely mark the start of the holiday shopping season.
Don’t Wait To Buy
- If you like it, don’t wait to buy it. Inventories are expected to be leaner this season than in years past – in part because retailers who struggled through the pandemic (in some cases filing bankruptcy) didn’t order as much as they typically would. If you suspect an item is going to go quickly, go ahead and buy it. Then, save your receipt and watch for sales. Typically if the price falls within the next two weeks many retailers will give you credit for the difference.
- Consider curbside pickup. The closer it gets to the holidays, the more you’ll pay for shipping. Fed Ex, the USPS and UPS have all said that they will be imposing surcharges during peak season. Some retailers may absorb some of these charges, but others will likely pass them along to consumers. Do the math to figure out if you’re better off spending the money on gas and time out of your day to pick the item up or having it shipped to your door. Also: Cutoffs for holiday delivery will likely come sooner than in prior years.
Different Gifts Are “In”
- Experiences are out. Cozy is in. Shopping patterns thus far during the pandemic have given us a heads up about where we’re likely to spend this holiday season. With many theaters still dark, travel slow and other in-person experiences still unavailable, chances are good we’ll be gifting more things this season. Beauty products (particularly skincare), anything for the home (because we’re all nesting) and cozy scarves and sweaters (who doesn’t need a little comfort right now) will all be popular gifts this season.
- Let’s bake. Finally, if you are the holiday cookie, bake for the crowd type, you may want to load up on flour and yeast while the getting is still good. We ran out of those things early in the pandemic. You don’t want to run short on them now.
* 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.
Local “Bite of Reality” Recognized
The Credit Union National Association (CUNA) acknowledges Mid Oregon Credit Union’s work educating high school students about budgeting and money management. The effort of our local “Bite of Reality” experience has been recognized with a national financial literacy award.
Youth and Adult Financial Education Award
Mid Oregon has been recognized by the Credit Union National Association in the northwest region with an Alphonse Desjardins Youth and Adult Financial Education Award. Mid Oregon’s Bite of Reality program received accolades for teaching high school students about budgeting and money management.
Financial Simulation Using App
The Bite of Reality program app guides students through a day in the life simulation of an adult’s financial responsibilities. Each student receives an occupation, income, partner, child, and possible debt using an app. The student purchases necessities, including rent/mortgage, car payment, groceries, and lifestyle items. They also navigate financial setbacks, such as medical emergencies, surprise bills, and cash windfalls.
Last year, Mid Oregon Credit Union hosted three Bite of Reality events attended by 120 students from Central Oregon schools. The credit union also regularly presents free financial workshops for adults.
In 2020, before COVID-19 changed the education landscape, Mid Oregon presented four additional simulations in three Central Oregon high schools. Three more on the schedule were cancelled. A new virtual version has recently been made available, and should allow the progress to continue.
Virtual Awards Celebration
Mid Oregon Credit Union’s team members (Kyle Frick, Jodie Rogers, Tiffany Dyer – in the photo,
and Wayne Hanson) who worked on the Bite of Reality program
On December 2, eight credit unions from Idaho, Oregon, and Washington will receive regional CUNA awards at the Northwest Credit Union Association’s virtual awards celebration. For additional details, visit this link.
“We are honored to be recognized by CUNA in our region. It’s rewarding to see our community efforts with financial literacy, especially those focused on younger generations, achieve recognition. We look forward to expanding this program to more schools in the future,” says Kyle Frick, VP of Marketing for Mid Oregon Credit Union.
About CUNA
The Credit Union National Association is a national trade association for both state and federally chartered credit unions located in the United States. CUNA provides member credit unions with trade association services, such as lobbying, regulatory advocacy, professional development, and professional services management. For more information, visit cuna.org.
About NWCUA
Northwest Credit Union Association is the trade association representing more than 175 credit unions in Idaho, Oregon, and Washington, with associate members in Alaska and Hawaii. Their support helps northwest credit unions of all sizes thrive for their 7.3 million members. For more information, visit nwcua.org.
Announcing Updated Mid Oregon Website
Refreshed site with new features
Our updated Mid Oregon website has a new look! The new design is easier to use on all your devices. Whether you’re using a smartphone, tablet, or desktop computer, you’ll have faster loading, great-looking graphics and easier to find features.
Access your account from any page
We’ve updated our Account Login button so it’s now available from anywhere on the site—no matter where you go, just click the green “Login” button on any page to go straight to your account. No more scrolling, no more having to go back to the home page to log in.
Accessibility tools customized for every user
We know that all users are different. For members who have physical or visual limitations that make some websites difficult to use, we’ve introduced our ADA widget. Just click the ADA button on any page, and choose the settings or options that work best for you. Type size, colors, and settings to work best with adaptive technologies—you’re in control.
Choose with confidence
Looking for a checking account, but don’t know which one is best for you? Our automated Checking Chooser can help you narrow down your choices and find the account that will save you money and make life easier.
Click the “Help Me Choose” button on the home page or our Checking Accounts page. We’ll walk you through an easy series of questions to narrow down the best option. Then, open your account online, or ask someone to contact you by email or phone to help you get started. It’s easy and fun!
We’re excited to show our members the changes on our updated Mid Oregon website (midoregon.com), so please feel free to take a look around and let us know what you think! Send us a message anytime to submit your comments or suggestions for improvements.