Despite inflation, Virginians expected to spend more this holiday season than last year

SALEM, Virginia. – Inflation does not interfere with Christmas shopping in America. Experts predict higher seasonal costs than last year.

“A lot of people actually think they’re going to spend more than they did last year,” said Roanoke College economics professor Dr. Alice Cousens.

With the Bureau of Labor Statistics reporting a 7.7% year-over-year increase in consumer prices and a Deloitte survey finding 37% of households saying their finances are in worse shape than a year ago, shoppers are left with smaller budgets.

As Roanoke College prepares its annual holiday spending forecast, Dr. Cousens said strategic spending is probably the best way to avoid overspending.

“It may make financial sense to spread things over more than one paycheck,” Dr. Cussens said.

Ahead of the traditional Black Friday weekend, retailers have released deals to help with that as well.

“I expect categories like casual wear, TVs, furniture, home decor to see more discounts than usual. And so in addition to the exciting Cyber ​​Weekend sales we’ll see, we’ll also see additional discounts as retailers look to clear excess inventory,” said Truetrae.com Smart shopping expert Trey Bodge.

Experts offer the following tips when you head to the store:

  • Shopping with strategy

  • Make a shopping list and budget

  • Compare online and in-store prices

  • Check out every offer and discount you can find!

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