Navigating the Financial Hangover of the Holidays

Seattle, WA | 12/26/24

The holiday season often brings joy and generosity, but it can also lead to financial strain. This year, 36% of Americans incurred holiday debt, averaging $1,181 per person, according to LendingTree. While this is an increase from $1,028 in 2023, it's notably lower than 2022's $1,549. With inflation still a significant factor, 44% of borrowers didn't anticipate the debt they accrued. Parents, millennials, and earners in the $30K-$50K range were among those most impacted.

To regain control of your finances, consider these proactive steps:

1. Lower Your Costs: Explore 0% balance transfer cards or consolidation loans to reduce interest rates. Transferring your balance to a card with a 0% introductory APR period can enable you to pay down debt faster, as your payments go toward reducing the principal instead of accruing interest.

   
   

2. Tackle Debt Systematically: Focus on high-interest balances using the avalanche method, or start with small debts for quick wins using the snowball method. The snowball method involves paying off the smallest debt first while making minimum payments on others, creating momentum.

   
   

3. Build a Buffer: Setting aside savings can help avoid future reliance on credit. Creating a budget tracker to control expenses can result in substantial savings.

   
   

4. Celebrate Progress: Break down debt into smaller goals and acknowledge milestones to stay motivated. Rewarding yourself as you achieve milestones, such as paying off a credit card, is essential for staying motivated.

   
   
   
   

Financial experts emphasize the importance of not feeling guilty for incurring debt during the holiday season, highlighting that a significant number of Americans experience this. Traditional budgeting advice often exacerbates stress and fails to address the realities of life, as many people cannot avoid debt due to necessary expenditures or to enjoy life enhancements. Instead, view debt as a tool rather than a source of shame, and focus on practical approaches like planning for some debt, keeping a spending diary for awareness, and exploring different financial strategies like savings automation or balance-transfer cards.

Remember, being debt-free offers security and comfort. By taking these steps, you can navigate the financial aftermath of the holidays and set a solid foundation for the future.

Watch the companion video here:

Navigating the Financial Hangover of the Holidays

Navigating the Financial Hangover of the Holidays

Black Friday and Cyber Monday 2024 Recap: Key Insights, Trends, and What We Learned

Black Friday and Cyber Monday 2024 Recap

December 4, 2024 | Seattle, WA

With Black Friday and Cyber Monday 2024 now behind us, the dust has settled, and the shopping numbers are in. These twin events once again dominated the retail landscape, offering shoppers incredible deals both in-store and online. As the data shows, they continue to be iconic moments in retail, shaping how brands and consumers interact year after year.

This blog provides a comprehensive review of the 2024 shopping season, including key insights into anticipated trends, actual post-shopping data, and tips that can still help you plan for the year ahead.

A Look Back at Black Friday 2023

The numbers from Black Friday 2023 highlight shifting consumer behaviors and economic challenges:

• $9.8 billion was spent online during Black Friday.

• 76.2 million people shopped in stores.

• 90.6 million people shopped online.

While the number of shoppers hit record highs, spending increased by only 2.5% year-over-year, failing to keep pace with inflation. Factors such as less appealing deals, a more spread-out shopping season, and cautious spending habits influenced these trends.

Black Friday 2024 in Numbers

The momentum continues in 2024 with strong sales growth:

• $75 billion: Overall Black Friday sales in 2024 (a 5% increase from 2023).

• $10.7-$11 billion: Total U.S. online sales during Black Friday, a 10.2% increase compared to 2023.

• $74.4 billion: Global online sales, up 5% year-over-year.

However, in-store sales declined by 8%, indicating the growing dominance of e-commerce. On average, shoppers spent $674 during Black Friday, with participation reaching approximately 152 million Americans.

When Are Black Friday and Cyber Monday 2024?

• Black Friday 2024: Friday, November 29 (the day after Thanksgiving), traditionally kicks off the holiday shopping season with doorbuster deals and in-store excitement.

• Cyber Monday 2024: Monday, December 2, offering online shoppers discounts from the comfort of their homes.

Key Trends for 2024

1. Early Access Deals: Many retailers now launch sales as early as November, allowing shoppers to spread out their spending and avoid the rush.

2. Sustainability on the Rise: Eco-conscious shopping gains traction, with brands promoting environmentally friendly products.

3. Tech-Forward Shopping: Innovations like augmented reality (AR), personalized AI recommendations, and enhanced online experiences will shape shopping in 2024.

4. Luxury Meets Discounts: High-end retailers are participating more, particularly on Cyber Monday.

5. Mobile Commerce Dominance: Mobile shopping accounted for 57.6% of online sales, reflecting a significant shift in consumer behavior.

6. Buy Now, Pay Later (BNPL): Flexible payment options like BNPL are gaining popularity, especially for high-ticket items.

Top-Selling Categories in 2024

1. Electronics: TVs, laptops, gaming consoles, and smart home devices remain top choices.

2. Apparel: Both luxury and fast fashion brands are offering significant markdowns.

3. Toys: A perennial favorite among holiday shoppers.

4. Home Goods: Kitchen appliances, furniture, and decor are prominently featured.

5. Travel Deals: Airlines, hotels, and travel platforms offer enticing discounts for 2025 getaways.

6. Digital Subscriptions: Cyber Monday is ideal for scoring deals on streaming services and software.

Tips for Black Friday and Cyber Monday Success

1. Make a Shopping List: Decide what you need beforehand to avoid impulse purchases. Categorize items by priority.

2. Set a Budget: Stick to a spending limit to enjoy savings without regrets.

3. Research Early: Use price trackers and compare prices across retailers.

4. Sign Up for Notifications: Subscribe to newsletters and download retailer apps for early access to deals.

5. Plan for Cyber Monday: Bookmark websites and set reminders for flash sales.

Black Friday vs. Cyber Monday: Which Is Better?

• Black Friday: Best for in-store shopping, large appliances, and tech items. Doorbuster deals are often exclusive to physical stores.

• Cyber Monday: Ideal for online shopping, smaller electronics, and digital products. A better choice for avoiding crowds.

Check out the recap of the Black Friday presentation aired from episode 2 of Showroom here:

Black Friday 2024 Recap (1)

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Black Friday and Cyber Monday 2024: Trends, Insights, and Smart Shopping Tips

Seattle, WA | November 29, 2024

As the holiday season approaches, Black Friday and Cyber Monday 2024 are set to dominate the retail landscape, offering shoppers incredible deals both in-store and online. These twin events have become iconic moments in retail, each catering to distinct shopping preferences while collectively shaping how brands and consumers interact.

Here’s a comprehensive guide to the latest trends, key insights, and tips to help you make the most of these shopping extravaganzas.

A Look Back at Black Friday 2023

The numbers from Black Friday 2023 highlight shifting consumer behaviors and economic challenges:

• $9.8 billion was spent online during Black Friday.

• 76.2 million people shopped in stores.

• 90.6 million people shopped online.

While the number of shoppers hit record highs, spending only increased by 2.5% year-over-year, failing to keep pace with inflation. Several factors contributed to this trend, including less appealing deals, a more spread-out shopping season, and cautious spending habits.

When Are Black Friday and Cyber Monday 2024?

• Black Friday 2024 falls on Friday, November 29, the day after Thanksgiving. It traditionally kicks off the holiday shopping season with doorbuster deals and in-store excitement.

• Cyber Monday 2024 follows on Monday, December 2, offering online shoppers an opportunity to snag discounts from the comfort of their homes.

Key Trends for 2024

1. Early Access Deals

Retailers have increasingly embraced early access sales, with discounts often starting in early November. This allows shoppers to avoid the rush while spreading out their spending.

2. Sustainability on the Rise

As shoppers grow more eco-conscious, brands promoting sustainable shopping and offering environmentally friendly products are likely to stand out.

3. Tech-Forward Shopping

Expect innovations like augmented reality tools, personalized AI recommendations, and enhanced online experiences to play a significant role in 2024.

4. Luxury Meets Discounts

High-end retailers are expected to participate in Black Friday and Cyber Monday with curated deals, particularly on Cyber Monday.

5. Buy Now, Pay Later (BNPL) Services

Flexible payment options will continue to grow in popularity, making it easier for consumers to purchase high-ticket items.

Top Categories to Watch

Electronics

Always a highlight of Black Friday, expect deep discounts on TVs, laptops, gaming consoles, and smart home devices.

Fashion and Accessories

Luxury and fast fashion brands will offer significant markdowns, making it an excellent time to refresh your wardrobe.

Home Goods

Kitchen appliances, furniture, and home decor will feature prominently in both Black Friday and Cyber Monday sales.

Travel Deals

Planning a getaway for 2025? Airlines, hotels, and travel platforms are likely to offer enticing deals.

Digital Subscriptions

Cyber Monday is prime time for scoring discounts on streaming services, software, and other digital products.

Tips for Black Friday and Cyber Monday Success

1. Make a Shopping List: Decide what you need beforehand to avoid impulse purchases. Categorize items by priority to ensure you don’t miss out on must-have deals.

2. Set a Budget: Overspending is easy during sales events. Stick to a budget to enjoy the savings without regrets.

3. Research Early: Compare prices across retailers before the sales start. Use price-tracking tools to ensure you’re getting the best deal.

4. Sign Up for Notifications: Subscribe to newsletters and download apps from your favorite retailers for early access to deals and exclusive offers.

5. Plan for Cyber Monday: Bookmark key websites and set reminders for flash sales to stay ahead.

Black Friday vs. Cyber Monday: Which Is Better?

• Black Friday: Best for in-store shopping, large appliances, and tech items. Doorbuster deals are often only available in physical stores.

• Cyber Monday: Ideal for online shopping, smaller electronics, digital products, and niche items. It’s also a better choice for those who prefer avoiding the in-store crowds.

Looking Ahead

Black Friday and Cyber Monday 2024 promise to bring exciting deals, immersive shopping experiences, and significant savings. Whether you're shopping for gifts or treating yourself, these events offer an unparalleled opportunity to save.

Black Friday 2024 Recap (1)

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