This trend is known as revenge shopping and refers to those consumers ready to head back to the store, spend money, and make up for the time lost during the pandemic.
The National Retail Federation is predicting an increase in consumer spending of at least 6.5% in 2021, compared to last year.
“That jump makes me a little bit nervous, just because it might mean that people aren’t going to be attending to those really important bills that they need to pay first. So pay the bills first and then treat yourself next,” shopping expert Trae Bodge said.
Bodge suggests consumers make wise choices with their money especially if they got stimulus money or a tax refund. She suggests you make sure your credit card debt is paid off or down, especially those with higher interest rates.
If shopping is part of your plan before you buy, look for ways to save on every purchase.
“Looking for coupons that you can use with your favorite coupon site, utilizing your memberships that you might already have,” Bodge said.
Those memberships, like AARP or cashback sites, can save you extra money.
Also always set a budget to try and resist the urge to overspend.
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