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Gift Giving 2024: Trends and Preparation Tips

Gift Giving 2024: Trends and Preparation Tips

Jenius Bank Team12/5/2023 • Updated 11/27/2024
A young woman holding a present, looking happy.
Give gifts that bring joy to all. The holidays are approaching fast, so it’s time to start thinking about shopping for gifts. If the thought of coming up with Christmas gift ideas causes anxiety, you’re not alone - more than 64% of Americans struggle to find the right holiday gift for their loved ones.1While finding the perfect gift may be challenging, planning ahead may ease some of the stress. Let’s explore the top gifting trends for 2024 to help make holiday shopping a smooth experience for you and your finances. Plus, we’ll cover some strategies that may help further reduce the burden on your wallet this year.

Key Takeaways

  • Gifts don’t have to be physical items; gifting experiences helps your loved ones create memories they’ll cherish for years.
  • Stashing savings away in a dedicated account for the holidays may put less of a strain on your everyday finances.
  • Holiday deals like Black Friday and Cyber Monday sales may help you lock in lower prices on the season’s hottest gifts.

2024 Trending Gift Categories

Need help with what to get for your family and friends? Draw inspiration from others by checking out some current gifting trends.

Practical Gifts

Practical gifts aren’t always at the top of peoples’ holiday lists, but when you provide people with a solution to a problem or show you how much you know them, they are bound to appreciate the gesture. For example, if your best friend consistently loses their keys, buying them a GPS tracker could be two gifts in one: the item itself and avoiding a future headache. If your spouse loves to cook but doesn’t have great kitchen knives, consider investing in a quality set. The point is to fill a need that your loved one may not even have identified for themselves.To level up your game, consider buying eco-friendly gifts. Look for items made with sustainable, earth-friendly materials, or choose a gift made by a company that gives back to the environment through charitable actions.

Personalized and Meaningful Gifts

Personalized gifts, like monogrammed towels, are a great way to show you care, tailoring gifts to each person on your list or jazzing up something more practical. For example, if you and your spouse went on a fantastic vacation together, have your favorite photo printed on canvas so you can reminisce every time you look at it. And the bonus? It may motivate both of you to save money in a travel fund every time you walk by.

Experiences

Gifting experiences help to build memories that last a lifetime. Whether it’s a vacation for the whole family, tickets to a concert they’ve wanted to see, or maybe a series of cooking classes that you could do together.If you have someone particularly tough to buy for, consider subscribing them to a gift box series that fits their interests. Maybe they love trying new camping gadgets or enjoy expanding their tastes with new wines each month.

Holiday Preparation and Gifting Tips

Choosing the right gift may seem like the most important part of your holiday celebrations. Still, it’s equally important to consider your long-term financial wellness as you shop. Here are some tips to help you buy your gifts without breaking the bank.

Create a Holiday Gift Budget

Before you head to the stores, set a firm budget. Think about all the people on your gift list and what their gifts may cost. Is that a big number? Consider how you may be able to scale back. For example, if you have a large family or friend group, suggesting a gift exchange or Secret Santa party may reduce the number of presents everyone has to buy. They may appreciate it too.Regardless, try setting a spending limit on each gift and gift giving overall to help keep your finances in line.

Save Early and Often

It’s never too early to start saving for your holiday shopping budget! Consider creating a specific savings category or even a dedicated savings account for these funds so you won’t feel tempted to use them to cover other expenses. If you keep the money in a high-yield savings account, you’re also putting it to work as you save. High yield accounts earn compound interest at a higher rate than average (potentially 10x the average2), meaning you may have even more money on hand when the holiday season rolls around.

Watch for Deals and Discounts

Since the holidays usher in one of the biggest shopping events of the season, many retailers offer discounts and deals. You may be able to save money by buying most of your gifts during Black Friday or Cyber Monday sales events, and many stores offer additional deals throughout December. You may also choose to treat yourself during these discount days. For example, if you’ve been in the market for a big-ticket item, watch for those during these events.

Use Credit Strategically

Before you reach for your credit card, take a moment to consider how you’re using it. Being responsible with credit means avoiding spending more than you can repay in a timely manner. When making purchases, consider using a rewards credit card that earns points when you spend. You may be able to use those points to pay for flights, hotels, or other travel expenses, or even to pay down your credit card bill when it comes.3

Watch for Online Scams

Shopping online is convenient, but it’s not always safe. Be on the lookout for scammers, especially during the holidays. This time of year, it’s not uncommon for scammers to set up sham websites advertising lower prices on popular gift items. Unfortunately, scammers often take your payment information and charge your card but never ship the product to you, or they send you a knockoff version. In the worst-case scenario, they may use your payment details to make fraudulent charges, which is a form of identity theft . To protect yourself, try to purchase products from known retailers and websites. If you decide to purchase from an unfamiliar site, do your research. Make sure the site is legit before entering your payment information and check your card’s fraud policy in case you need to dispute a charge.4

Final Thoughts

Holiday gifting, whether you’re buying for yourself, your family, or your friends may be expensive. Take some time to prepare by creating a budget, setting money aside, and looking for deals.With these tips, you may be on your way to a financially responsible and enjoyable holiday season with your loved ones. Happy Holidays!
LifestyleMoney Management