- Many retailers are sitting on excess inventory this year.
- That's prompting stores like Amazon and Walmart to run promotions well ahead of the holiday season.
You may want to do some early holiday shopping this year.
There's a reason so many consumers start their holiday shopping on Black Friday and make the bulk of their purchases between then and late December. The holiday season is when retailers tend to offer the most attractive discounts on everything from toys to apparel to electronics to home decor.
And this year, the discounts might be even steeper than usual. According to data from the U.S. Census Bureau,U.S. retailers had a record $732 billion of inventory as of July. That's a 21% uptick from last year.
Let's remember that last year, supply chains were battered in the course of the pandemic, and that made it difficult for retailers to adequately stock their shelves. This year, retailers seem to have the opposite problem -- and they're taking steps to make up for it by running major promotions ahead of the holiday season. Here are three major retailers it pays to shop at before Black Friday.
On Oct. 11 and 12, Amazon ran a second Prime Day event that consumers got really excited about. But that doesn't mean the deals are over until late November. Amazon routinely discounts items ahead of Black Friday and the holiday season, so there's no reason not to expect major deals in the coming weeks.
Target ran a Deal Days promotion Oct. 6-8. But if you visit the retail giant's website, you'll still see numerous Black Friday deals being advertised right now. And given how Target is known for its competitive prices, it pays to see what items it has on offer.
Walmart recently announced plans to offer up loads of holiday discounts beginning in early November. Those who commonly do a lot of their gift shopping at Walmart won't have to wait until Black Friday to score discounts, nor will they have to duke it out with their fellow shoppers in an attempt to snag doorbusters.
Why it pays to shop ahead of the holidays
Doing your holiday shopping in October and November could take a lot of stress off your plate, while helping you capitalize on the many great promotions happening soon. In fact, you may find retailers are eager to unload inventory in the coming weeks because they're fearful that anything they don't sell ahead of and during the holidays will end up being a wash.
Once the holiday season is over, consumers may start curbing their spending big time to cope with higher borrowing rates on credit cards and recession fears. So retailers may be more motivated to offer up notable discounts. That's something you can take advantage of.
What's more, it's actually a big myth that the best holiday deals don't come out until Black Friday. If you do your research, you may find it's less expensive to shop during the weeks leading up to Black Friday, which is all the more reason to get moving now.
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