Business

Purdue professor suggests ways to save money on holiday shopping

INDIANAPOLIS (WISH) — This year’s holiday spending outlook from the National Retail Federation predicts sales will grow from 6%-8% in 2022 over the previous year, which translates to up to $960.4 billion spent during the holiday season.

There was a 13.5% increase in holiday spending 2021, so, if this forecast is correct, spending will increase, just at a slower rate.

This comes amid the inflationary spike across most goods and services, meaning people will be spending more but their purchasing power will be less. The National Retail Federation president and chief executive officer, Matthew Shay, said, “In the face of these challenges, many households will supplement spending with savings and credit to provide a cushion and result in a positive holiday season.”

Consumer experts said there are ways to save this holiday season.

Aaron Lawry, an assistant professor of consumer science at Purdue University, said, “I encourage people to go to ‘Shopping.Google.com,’ to type products into that area of the browser because it will bring up prices from all over the internet from other eCommerce sites.”

He also suggested other ways to save when it comes to food and other household products.

“It’s no longer taboo to purchase generic brands or private label brands, and I would say don’t be afraid to dabble in those private label brands and those generic brand products,” Lawry said. “They’re often of a similar quality, and you can save a ton of money in the process.”