Do you buy yourself something special during the holiday season? If you do, you’re not alone, as more than half (57%) of American shoppers plan to treat themselves at the end of the year, according to a Bankrate survey.
But because of the economy and high inflation, around 22% of Americans plan to spend less on holiday gifts this year, the 2022 U.S. Holiday report from Sitecore shows. To pay for gifts this year, 15% of shoppers say they’ll sell something they own, 17% will regift a present and another 17% will try to pick up more hours at work or get a second job. Despite all of that, experts say you should still treat yourself during the holidays and this is why.
- It’s a reward for your hard work - Marlo Richardson, founder of Business Bullish, says she always buys herself a gift during the holidays and that it makes her feel better about having worked all year long. Brian Greenberg, CEO of Insurist, agrees, explaining that after buying everyone else what they want, it’s time to get something special just for you. The gift can also help you push through hard days later on when work feels overwhelming.
- It helps you refresh and recharge - However you decide to treat yourself, Greenberg recommends something that refreshes you. It doesn’t have to be a physical item, it could be time set aside to spend with loved ones, he says, as long as it gives you a break and feels like a treat.
- Beware of ongoing expenses and scams - Greenberg also advises avoiding anything that will require ongoing payments when buying a gift for yourself. This includes subscription services or something with a steep repayment plan. Another thing he urges folks to watch out for is scams, which are more common during the holiday season. A new AARP Fraud Watch Network report finds that around 75% of American adults have been targeted by holiday-related fraud, including fake warnings about shipping issues, online shopping scams and requests from fake charities.