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Aug 8, 2008 6:48 pm US/Eastern
MoneySaver Report: Buy Holiday Gifts Now & Save
NEW YORK (CBS) ―
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With warm temperatures outside, it's hard to think about the holidays – but expect soaring prices on everything from tree ornaments to toys. You can avoid higher prices by doing your holiday shopping now.
CBS News
With warm temperatures outside, it's hard to think about the holidays – but expect soaring prices on everything from tree ornaments to toys.
You can avoid higher prices by doing your holiday shopping now.
From the decorations on the tree to the presents underneath it, retailers are already talking about price increases of 15 percent this fall due to increased energy costs.
"We try to keep it a bit on the smaller side," one customer said about battling holiday price hikes.
"When I see something on sale, I get it," said another.
But experts say that if you make your list and check it twice now, in August, you'll save big this December.
"Planning ahead is a great thing when you are talking about this major Christmas list you've put together," Kelli Grant, of smartmoney.com, said.
"It's going to be one of the hottest toys this holiday," Gareb Shamus said. "It's called Elmo Live."
Toy prices are expected to be about 10 percent higher for the holidays than a year ago. But Shamus, publisher of the Toy Shopping Guide "Toy Wishes Magazine," says while you're out and about, buy them now so you save on gas.
"You will [also] avoid paying a premium to get the items that you want," Shamus said.
The must-have toys this upcoming holiday season? Hasbro's Furreal Friends Biscuit, My Lovin' Pup, and Lego's Police Headquarters.
"The more time you give yourself, the more chances you have to find the sales and really look for those great deals," Grant said.
There are other ways to save you money as well, Grant said.
You will find a tremendous number of free shipping promotions right now if you buy online.
Also, look for promotional codes and coupons that can save you 15-25 percent off gifts.
Finally, remember to check out the end-of-the-summer clearance racks for evergreen items.
Another predicted popular gift this year are board games, as more and more cash-strapped families are staying home amidst this recession.
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