Inflation is causing trade-offs for consumers in their holiday shopping as well. Data shows that because of the high inflation rates, almost all holiday gifts are costlier than last year making it hard for consumers to balance their budgets.
Be Careful
Even typical gifts are too expensive that you would need more than fixing a budget to limit your spending. You have to be careful about the extra expenses you are facing and how you can save a moderate amount of money for the holiday season.
Which product costs what
Most common gifts like jewelry, toys, hair dryers, and other electronic goods have become more expensive than in 2021. Jewelry is costlier this year by as much as 31%, and the price for jewelry and electronic appliances is higher by 10.5% to 11%. Only the price of clothes has dropped by 7.5% this year.
This year, a pair of earrings that cost $150 in 2021 will cost $200. It is wiser to consider the price differences before you shop; otherwise, you won’t be able to recognize how much extra you are paying and what you should do to avoid that.
Parents will find it hard to meet their children’s wishes as toys are expensive by 10.5%.
A hairdryer costing $200 in 2021 now costs $250, and the prices of blenders are also relatively high. While the cost of hair dryers has increased by 25%, other electronic appliances like blenders/kitchen mixers and coffee makers are costlier by 7%-8% within a year. Perfumes cost 3% higher this year, with candles seeing a yearly price hike of 5% and flasks/water bottles by 4.5%.
The Cause for the Price Surge
This price surge is mainly because of ongoing inflation. Every division of the supply chain of products has seen a surge in overall expenses that led to price rises in commodities of daily use as well as luxury items.
