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

SALEM, Va. – Inflation is not putting a damper on Christmas shopping in America. Experts predict more seasonal spending than last year.

“A lot of people actually anticipate spending more than they did last year,” said Roanoke College economics professor Dr. Alice Kassens.

With the Bureau of Labor Statistics finding consumer prices up 7.7% compared to last year and a Deloitte Survey finding 37% of households saying their finances are worse off than a year ago, shoppers are left with tighter budgets.

As Roanoke College prepares its annual holiday spending outlook, Dr. Kassens said strategic spending is likely the best approach to not overspending.

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

Retailers have rolled out deals ahead of the traditional Black Friday weekend to help with this as well.

“I do expect to see discounts deeper than usual in categories like casual apparel, TVs, furniture, home décor. And so in addition to the exciting cyber weekend sales that we’ll see, we’ll also see kind of extra discounts as retailers look to clear out all those overstocks,” said Smart Shopping Expert Trae Bodge.

Experts offer the following advice when you’re heading out to the shops:

  • Shopping with a strategy
  • Create a shopping list and budget
  • Compare prices online and in-store
  • Check for every deal and discount you can find!

About the Author

McKinley Strother joined the WSLS 10 News team in June 2020. He anchors 10 News at 6 and 11 on Saturdays and Sundays and you'll also catch him reporting during the week.

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