gift ideas that won't break the bank this holiday season
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It’s that time of year again. Despite the difficulty of the past 24 months, Americans are poised to spend an average of $1,463 this year on holiday shopping, a +5% increase vs. prior year. (1)
However, this increase is not surprising given rising inflation and supply chain shortages. Additionally, the economy is bouncing back with unemployment rates on the decline since reaching an all-time high in April 2020. (2) Whatever you’re planning on spending this year, it’s important to do so wisely and ensure the holidays don’t interrupt your financial goals and obligations. Before kicking off your holiday shopping, check out these gift ideas that won’t break the bank this holiday season for everyone on your list.
1. the Luxe gift
We all have a friend that loves the finer things in life. For great gift ideas that won’t break the bank this holiday season, check out Rue La la. Rue La La is an online designer discount store featuring well-known brands such as Jimmy Choo, Manolo, and Chanel alongside some lesser known but still high end designers. The online store provides men’s, women’s, and children’s designer items including home goods. They have plenty of sales and deals such as cashmere sweaters for under $100 or a pair of Jimmy Choos for half the price. If you’re willing to spend just a little more, you’re sure to find something super special without breaking the bank. For the ladies in your life, an additional favorite of mine is Alice & Olivia who is hosting a very rare 25% of sale at the moment.
2. The experience
Many people actually prefer experiences over physical gifts. Many of us have all that we need and don’t care to add more clutter to the home. For these people, an experience is a great option. Because experiences can be custom tailored to not just our liking but our budgets, they make for great gifts that won’t break the bank. Sites like Groupon, GetYourGuide, and TourRadar all allow you to book custom tours, excursions, and experiences. Sometimes these sites allow for discounted prices for multiple bookings. Pick a few people off your guest list and schedule an experience together. You’ll not only save money on the booking but you’ll be able to cross multiple off your list all at once.
3. The home made gift
The debate about homemade vs. store bought wages on. Personally, I appreciate a well thought out homemade gift. However, the operative part being “well-thought out”. Homemade gifts are a great way to not only show off your creative talents but also help you save money this season. As adults we unfortunately can’t get away with homemade macaroni necklaces and instead should opt for something a little more sophisticated when creating something homemade. For the aspiring chef, a basket of homemade cookies, brownies, or canned sauces are sophisticated yet homey and cost just a few dollars to create. These items are also easy to create in bulk so you can cover multiple people on your list. For the self-care junkies, mini spa baskets with homemade candles or soaps is another great treat for your loved ones.
4. Memberships and Subscriptions
I once bought my husband a subscription to Flaviar which allowed him to sample different bourbons (his favorite). Subscription services or memberships are great ideas that won’t break the bank this holiday season. Most subscription services come in tiers so you can choose your budget. Additionally, because this is something the recipient will likely access on a regular basis, it’s the gift that keeps on giving. For example, a new Hulu basics account is just $7 a month or $70 a year asking it one of the cheapest streaming services available. Offer a one year Hulu subscription to your movie-buff friend.
Source:
(1) Here’s what the average American will spend on the holidays this year. Maurie Backman, The Acent-A Motley Service. https://www.fool.com/the-ascent/credit-cards/articles/heres-what-the-average-american-will-spend-on-the-holidays-this-year/#:~:text=It’s%20not%20uncommon%20to%20spend,a%205%25%20increase%20from%202020. (Accessed November 24, 2021)
(2) News Release Bureau of Labor Statistics. Us Department of Labor. November 5, 2021 https://www.bls.gov/news.release/pdf/empsit.pdf (Accessed November 24, 2021)