Holiday shoppers are proving resilient this year, with consumer spending projected to rise by 3.3%, according to economist Lauren Saidel-Baker.
Despite inflation concerns, retailers have extended sales periods, with promotions starting as early as October to give consumers more time to shop and save.
Saidel-Baker notes that while inflation impacts everyone differently, homeowners generally have more disposable income to spend during the holidays.
The extended sales and promotional events appear to be helping Americans navigate rising costs and still enjoy the season of giving.
Federal Programs to Stretch Your Budget
If inflation is putting a strain on your finances this holiday season, these federal programs can help provide relief:
- Supplemental Nutrition Assistance Program (SNAP): Helps eligible families purchase groceries, freeing up funds for other needs.
- Low Income Home Energy Assistance Program (LIHEAP): Offers assistance with heating costs, helping you stay warm this winter.
- Earned Income Tax Credit (EITC): Reduces the amount of taxes owed for qualifying workers, leaving more money in your pocket.
- Child Tax Credit: Provides families with financial support for each qualifying child.
Smart Shopping Tips
To make the most of this holiday season:
- Start Early: Take advantage of early deals from major retailers.
- Set a Budget: Plan your spending to avoid unnecessary debt.
- Use Discounts and Coupons: Look for online codes and store promotions.
With a strong consumer outlook and helpful federal programs, this holiday season can still be merry and bright.
Explore the resources above to manage inflation’s impact and enjoy the celebrations.
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