Holiday Shoppers Could Spend Much More This Year
The holidays may cost a pretty penny this year.
According to new projections from the National Retail Federation, holiday spending is expected to rise by about four percent. As a result, shoppers may notice some changes when it comes to prices and product availability.
Rob Hansfield, an economist at NC State and Executive Director of the Supply Chain Cooperative, says that while stores prepared for the season by stocking up earlier in the year, new tariffs could start affecting what’s available as we get closer to Christmas.
“You might have a little less variety of things to shop from as importers have been more selective on what goods they want to bring in,” said Hansfield.
Experts recommend doing your holiday shopping earlier. Hansfield says early shoppers will have the best variety to choose from, and it’s unlikely that prices will drop as the holidays approach.
While the full impact of tariffs may not hit consumers until after the holidays, in January, many shoppers are still planning to stick with their usual holiday routines for now.