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Retailers rolling out specials to woo holiday shoppers amid inflation worries
With inflation weighing on many consumers' minds as they shop for the holidays, some retailers are stepping up their game to get you to spend. In a FOX 32 money saver special report, we take a look at how they are competing for your business this year.
CHICAGO - With inflation weighing on many consumers' minds as they shop for the holidays, some retailers are stepping up their game to get you to spend.
In a FOX 32 money saver special report, we take a look at how they are competing for your business this year.
'Tis the season to shop and some retailers want you to shop, shop and shop.
"They know if we don’t win Q4 - the holiday season - then we’re going to miss our numbers for the year and so they need the year-end earnings if they had a light start to the year which many of them did," said Brad Godwin, senior vice president of retail partnerships for consumer app Shopkick.
Godwin said the competition for retailers to get shoppers in their stores now is high.
"You’ve looked at the earnings calls for some of the major retailers. Target, Best Buy, Walmart. Costco etc. They know that every trip matters and I think that’s really the language. It’s not just every dollar matters, it’s every trip," Godwin said.
So, to motivate you to shop more, some retailers are offering specials where they are removing inflation from some store prices.
"It’s really important to be mindful when looking at these deals and these savings that are popping up to really make sure you’re getting the best deal possible," said Samantha Landau, consumer expert at TopCashBack.com.
She said she’s guilty of straying from her shopping list too.
"They are really just trying to get you there so they can show you all these other good deals they have in addition to this Thanksgiving, removing inflation and all of that," Landau said.
"You might buy a few other things, right. If I have family coming in for Thanksgiving we’re going to have a meal but we’re also going to have a breakfast. And a brunch and a lunch. And there’s going to be beverages that you’re going to have to provide as the host," she added.
From Target Circle to Amazon Prime Days to Best Buys' early Black Friday deals, these special promotions all have the same goal - to get you to make one store your "go-to" place for holiday shopping.
"I think that’s one of those things you’ll start to see is yes, they absolutely are trying to earn the trust of shoppers right, because we all have choices," Godwin said.
So how are retailers working to build your trust?
"More and more popular retailers are spending their marketing dollars on cash-back programs," Landau said.
"We’ll give you Kohl’s Cash which is value to you but then you’re going to come back in to use that. Kohl’s Cash and probably buy more things that you might not have bought at Kohl’s before. You might have taken that trip to a different retailer," Godwin said.
Many retailers now either offer or are starting to offer "buy now, pay later" options, which may sound great but Landau offered a word of caution.
"Just making sure you are not doing that for every purchase because if you do that, you’re going to have way too many to keep track of and it could cause more debt than you want," she said.
Landau said TopCashBack.com saw consumers rack up a lot debt that way last year.
"Just be smart with them. Keep track of them and also keep in mind, you won’t likely be able to stack as many savings with these tools. Things like cash-back aren’t always eligible for buy now, pay later," Landau said.
Godwin said his biggest advice for shoppers is to understand who you are buying for and what you are buying because the more prepared you are, the more it will help you save money.