How to Go About Holiday Shopping Amid Supply Chain Issues

While the holiday season is a favorite time of the year for many people, there are various approaches to celebrating it. Even though Thanksgiving is now less than seven days away, there are always some people who are itching to put up Christmas decorations on November 1 or even earlier.

Odds are that you’ve also started to hear about Black Friday deals. Whether you traditionally get your gifts at the last minute or our one of those people who will be waiting in long lines for several hours on Black Friday, it’s important to do your holiday shopping sooner rather than later this year due to the ongoing supply chain issues. Here are five holiday shopping tips to help you amid those supply chain issues.

1. Don’t Wait for Black Friday

The first holiday shopping financial planning tip is a simple yet very important one amid these supply chain issues. Don’t wait for Black Friday. While it seems like Black Friday deals seem to go into effect further in advance to Black Friday each year, the supply chain issues clearly adds a problematic element for financial planning for your holiday shopping. Target, Macy’s, and Nordstrom are just a few of several stores that are providing opportunities to beat the Black Friday rush.

Prosper Insights & Analytics found that 36.2% of adults who began their holiday shopping in October did so to ensure they could get their preferred gifts amid the current supply chain issues. If you have a chance to do some holiday shopping over the next week, you could still join those people in being ahead of the game.

TABLE 1 | Why People Began Holiday Shopping in October or Earlier | Prosper Insights & Analytics

What’s more, PI&A’s research also found that an alarming 47% of the people surveyed in October were concerned about have issues with finding their preferred gifts this year.

TABLE 2 | Anticipation of Difficulty in Finding Holiday Gifts | Prosper Insights & Analytics

2. Shopping in Person Is a Safer Bet Than Online Shopping

Along with doing holiday shopping early this year, Bed Bath & Beyond CEO Mark Tritton has another financial planning tip to help circumvent the supply chain issues. He encourages shoppers to purchase gifts in person rather than risking delays with online shopping.

If you do decide to do any online shopping, please keep these USPS, FedEx, and UPS deadlines in mind. We don’t want your gifts to be arriving late and putting a damper on your holiday gatherings!

3. It’s a Great Year for Gift Cards

Of course, it’s always nice to get that one special gift(s) that you know your loved one will love. The supply chain crisis could make it difficult to do that this holiday season, though. Nevertheless, that doesn’t mean you can’t give someone the means to buy the gift on their own once the supply chain issues fade away. This is a great year to give gift cards.

If it bothers you to not give someone a physical gift, maybe this will make you feel better. According to Blackhawk Network, 75% of millennials prefer gift cards of physical gifts anyway. It’s not just millennials who are thinking that way either. As show in Figure 3, NerdWallet surveyed more than 1,700 Americans and found that 53% of them plan to purchase gift cards this holiday season.

TABLE 3 | Gift Cards | NerdWallet

4. Shop Local

While the businesses mentioned earlier such as Target, Macy’s, and Nordstrom are having early Black Friday sales, let’s think about what the holiday season is all about. It’s a season of giving and helping those that need it most, correct? Although the big brand-name stores are seeing fallout from the supply chain bottleneck at U.S. ports, we can’t forget about the small businesses that have been struggling ever since the start of the pandemic.

As you’re doing your holiday shopping financial planning amid the supply chain issues, there is a wealth of locally-owned businesses in Kansas City that could have some perfect gifts for your friends and family. If you’re not the Kansas City area now, you might still be surprised what hidden gems you find at local small businesses.

5. Look for Alternative or Non-Traditional Gifts

Sure, it’s exciting to unwrap a gift and get exactly what you want or be completely surprised. But some of the best gifts don’t come in a box. This is a good holiday season to think outside of the box. Modern Wealth Management CEO and Founder Dean Barber and CFP® Professional Drew Jones did some critical thinking to provide you with some great gift ideas during our recent educational series event, Financial Planning for the Holidays.

The holiday season is a wonderful opportunity to spend time with the people you care about the most. How about putting a family vacation into your financial plan so you can create more of those special memories?

Whether it’s a family vacation or setting up a college fund for your grandchildren, our team at Modern Wealth Management is happy to help you with financial planning during the holiday season.

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Investment advisory services offered through Modern Wealth Management, Inc., an SEC Registered Investment Adviser.

The views expressed represent the opinion of Modern Wealth Management an SEC Registered Investment Advisor. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Modern Wealth Management does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.