October is pretty much the unofficial start of the holiday season. And if you're anything like most people, you likely increase your spending during this time of year.
There are a myriad of reasons spending increases this time of year, but the biggest reason is the holiday season. And according to the Deloitte Holiday Retail Sales 2024-2025 report, this year is gearing up to be another expensive one.
Deloitte forecasts an increase in holiday sales from 2.3 percent in 2023 to 3.3 percent this year. Retail sales from November 2023 and January 2024 totaled $1.54 trillion. And e-commerce sales are expected to grow from 7 to 9 percent from 2023 to 2024. In 2024, e-commerce sales totaled an estimated $270 billion.
While this sounds like a big jump, this projected increase in retail spending from 2023 to 2024 is more in line with slower pre-pandemic levels. Our spending ticked even higher during the pandemic.
But still, spending is going to be a little higher during this quarter but Forbes reports there are three ways you can rein in and keep your spending in check this season:
1. Be intentional about budgeting. Now at the beginning of the quarter is a perfect time to set your spending limits and budget for the upcoming holidays. You can scope out all the best deals for your holiday gift shopping. More retailers are offering deals earlier and earlier. For example, Amazon had "Prime Big Deal Days" on Oct. 8 and 9.
2. Manage debt strategically. As you're likely spending more this time of year, you might also be putting more of those purchases on a credit card. Leverage your cards strategically by choosing one specific card to use, versus multiple cards, and then devising a plan to pay off the debt.
Invest. You can also spend a little bit in the stock market. Get in touch with us if you'd like to revisit and expand your investments.
With a little planning, you can handle the additional spending! Give us a call and we'll make a game plan together.
1 https://www2.deloitte.com/us/en/pages/about-deloitte/articles/press-releases/Deloitte-Holiday-Retail-Sales-2024-2025.html
2 https://www.forbes.com/councils/forbesfinancecouncil/2023/11/29/three-ways-to-boost-your-finances-this-holiday-season/
Zeiser Wealth Management, LLC provided this article. To learn more about ZWM visit www.zeiserwealth.com. Investment advisory services offered through Zeiser Wealth Management LLC, a state of Arkansas Registered Investment Advisor. This material was prepared by Carson Coaching. Carson Coaching is not affiliated with Zeiser Wealth Management.