Oct 12, 2009 8:10 pm US/Eastern
Christmas In October? To Shop, Or Not To Shop
NEW YORK (CBS) ―
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Early shoppers wait online to pay for their goods at the Toys 'R' Us at Times Square on Black Friday.
Hiroko Masuike/Getty Images
Christmas in October? Toys 'R' Us cut 30 percent off the price of Lego sets, Target has Barbie dolls for $5, and Wal-Mart just priced 100 toys at $10 apiece.
So the question now is, should you buy now or later?
No longer are many shoppers beginning their holiday buying blitz on "Black Friday" – instead, they're hunting for huge sales now, getting a two-month head start.
"I think we go for it now – limited time, and I want to avoid the traffic," _____ says. "Now the selection is better, and discounts are pretty good."
"I never wait, I always shop early, before the holiday," Merrick resident Maureen Theodores says. "We shop on sale, coupons."
Particularly in these tough times, consumers are willing to shop for sales. Families said in a Gallup survey that, on average, they plan to spend $740, up from $639 during last year's abysmal holiday season.
So what's best? Should consumers buy now, or wait for the "Black Friday" bedlam?
"If you're looking for clothing or short-term purchases, buy them today, buy them this week," Professor Joel Evans, of the Hofstra University School of Business, says. "If you're looking for holiday shopping, wait – the sales are going to get better and better.
"It's still not going to be a great year – there are tons of retailers, they have a lot of inventory they want to clear out – so it's a game of chicken," Evans says.
"They run a big sale to get you in now, but then as you get closer to the holiday season, there's another big drop in prices – and you're also running the risk of things being off the shelves," Al Canonico, of Westbury, says.
"You can find good bargains from now until Christmas, but we are going to wait a little while longer," Darla Canonico says.
Nancy Gilbert is the marketing director at Walt Whitman Mall.
"Lots of bags walking through the malls in customers hands – always a great sign," Gilbert says.
Gilbert says the Walt Whitman Mall's mantra is "let the retail recovery begin." Now, she says, they need to convince families to open their wallets.
To get the biggest bang for your buck, you should comparison shop online, and hold off on buying any items that aren't on sale. You should also try to bargain and barter, particularly on big-ticket items.
Experts say to wait as long as you dare, as prices will continue to drop, and remember that the best holiday sales of all will begin December 26.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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