How inflation will make a dent in your holiday shopping list
SYRACUSE, N.Y. — If you’re already shopping for holiday gifts, inflation could be impacting the price you’re paying.
The rise in inflation hasn’t slowed down Liverpool neighbor Jeanne Goldthwait.
“I’ve done most of my shopping,” said Jeanne Goldthwait. “I was going to cut back, and I don’t think I am.”
She spent the same amount this year as she has in years past.
“I haven’t had a real problem with inflation because I think the stores are really pulling out a lot of bargains for people,” said Goldthwait. “I’ve done a lot of online and there's a lot of free shipping.”
The same goes for Fayetteville's Rose Ropp. She has 2 children and a grandchild, but Ropp is doing everything she can to make sure she’s able to give a gift to her loved ones this holiday season.
“The holidays are going to come, and people are going to buy and maybe not as much or as expensive. But it’s the holidays, and you’re going to have to make do somehow,” said Rose Ropp.
Syracuse University Supply Chain Expert Patrick Penfield says companies have excess inventory this year, so they’ll be running big sales.
“You've got roughly less than a month to sell as much as you possibly can,” said Penfield. “A lot of these retailers are going to be really aggressive.”
According to Penfield, it’s not that prices on the gifts you buy will be costing you a lot more. It’s that inflation has you, the customer, spending more money on other things.
From food, to gas, to heating your home; shoppers may spend less on gifts as a result. “They'll have less disposable income, and they'll buy gifts just not as much,” said Penfield.
This reality’s on the backburner for neighbors like Rose and Jeanne. They’re just trying to keep the magic of gift giving this holiday season.
“I’m just cutting it back just a little more than usual. But I'll do the best I can to make it special,” said Ropp.
Penfield tells CNY Central to keep an eye out for some deals so your wallets can get a little bit of a break before you hit the stores.
