The holidays are coming up and for many that means it’s time to start buying gifts.

While some U.S. holiday shoppers have already started spending, 49 percent said they want to start theirs in November or December, according to a recent Bankrate survey.

That included more than a third — 37 percent — of holiday shoppers who reported they planned to start this month, the survey found. For 15%, they intended to wait a little longer and start shopping next month.

MORE THAN A THIRD OF HOLIDAY SHOPPERS WILL SPEND LESS THIS YEAR THAN 2023

Regardless of when they planned to buy gifts, more than a quarter of shoppers indicated that the costs of holiday shopping loomed large over them. Stacking discounts, using gift cards and budgeting are among some of the strategies holiday shoppers can use to afford gifts and avoid breaking the bank, according to Bankrate senior analyst Ted Rossman.

Gift boxes under the tree. (iStock/iStock)

“I’m a big fan of discount stacking, like combining multiple savings streams on the same purchase,” Rossman told FOX Business.

He said “there’s going to be a lot of in-store discounts this year,” noting that some even started appearing in early October.

“Combine that store promotion with a rewards credit card, say,” he recommended. “Pay in full, avoid interest, get credit card points or airline miles.”

Shoppers can also save money by going through an online shopping portal like Rakuten or Shop Through Chase, according to Bankrate’s senior analyst.

“You can combine this with other strategies” he explained. “So, you know, if you go through Rakuten or use their browser extension and they give you extra money for using their site, you shop as normal. From there, you get the store promotion, you get the credit card rewards. That can be three ways to save on the same purchase.”

The holidays can be a “great time to be intentional about finding and using” gift cards that people haven’t yet spent — or even forgotten about, Rossman also told FOX Business.

Americans have a value of 244 dollars unused gift cards, vouchers or store credit on average, according to Bankrate.

“Even if the store isn’t one of your favorites, maybe there’s someone on your gift list who could benefit from it. You could give them the card or buy merchandise with the card,” Rossman said. “Even if you can’t buy something for yourself or someone else, you can sell it, worst comes to worst.”

Budgeting, creating a gift list and getting an early start are also tactics people can implement to help afford their holiday purchases, he said.

Close-up of woman’s hands opening gift box package. (iStock/iStock)

Bankrate reported that 48 percent of holiday shoppers plan to start their seasonal purchases by Halloween. Still, people may stash some cash in each of the few paychecks they’ll receive before the end of the year as a way to “pay off the cost of holiday shopping” and make them feel “more affordable,” a Rossman told FOX Business. .

While many retailers are expected to roll out good deals on traditional holiday shopping days like Black Friday and Cyber ​​Monday, gift shoppers don’t have to wait for these events because “many of the good deals have already started” and started. it’s becoming “more of a season of deals,” he said.

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Amazon held its two “Prime Big Deal Days” in early October, and other early holiday deals are currently on and more are expected. Other companies like Target, Walmart, and Costco also rolled out deals ahead of the holidays.

Rossman told FOX Business it’s a “buyer’s market this year.”

“Consumers have been increasingly thrifty over the past few years, especially with physical items. I feel like a lot of the sprinkling over the last couple of years has been from experiences…and that’s really due to the fallout from the pandemic. Physical goods weren’t moving as much, things like clothes, toys, electronics, all those holiday favorites.”

“Retailers are offering big discounts and they’ve started early. There’s this extension of the season that’s happened in recent years,” he added. “What we’re seeing is a lot of other retailers are getting on board… They’re starting these deep discounts, these Black Friday or early Cyber ​​Monday deals as early as the second week of October, and then the deals just keep coming.”

For its report, WalletHub analyzed nearly 5,000 deals from Black Friday ad scans of 21 of the largest US retailers (iStock) (iStock/iStock)

Rossman also said that “there’s also an awareness among retailers that consumers are feeling frugal,” which has led them to “put their best foot forward with deep discounts.”

Only about 24% of holiday shoppers reported that they plan to increase how much they spend this year, Bankrate found. Meanwhile, 33% said they wouldn’t open their wallets as much.

PROJECT HOLIDAY SPENDING WILL hit a new record this year

Individuals will pay $902 per person during the 2024 holiday season, with $641 slated for gifts, the National Retail Federation (NRF) predicted. Generally, retailers will see 979.5-989 billion USD from holiday shoppers in that time frame, marking a 2.5-3.5% year-over-year jump, it said.

Gift cards, clothing and accessories, books, personal care and beauty items, and electronics are among some of the top gifts people are hoping to give this year, according to the NRF.