(BPT) - If the holiday season seems to be approaching earlier than usual this year - with some stress creeping in alongside it - you're not alone.
Holiday items hit the shelves before summer was even over, but consumers have mixed feelings toward the early arrival. According to a recent Bank of America survey, 52% of respondents embrace the early cheer, while 33% feel the accelerated pace dampens their festive spirit.
This trend of early engagement extends to shopping, with more than half of consumers starting their holiday purchases before October in hopes of spreading out expenses to avoid seasonal stress, especially since 62% anticipate financial strain from costs this year.
If you're feeling a bit behind this season, don't worry - there's still plenty of time to make the most of the holidays and finish the year strong. Whether you're focused on thoughtfully planning your gifts or celebrating within a smart budget, you can easily balance your finances with your festive spirit.
Here are four tips from Lora Monfared, Head of Consumer Card Products at Bank of America, to help you offset costs, ease your stress and embrace the holiday cheer:
1. Start planning now.
Although some retailers kicked off seasonal discounts in September and October, it's not too late to score deals. Black Friday is still the most popular time of the year for holiday shopping - with 41% of Gen Z consumers planning to make the majority of their purchases on this day - so be sure to plan your purchases in advance to make the most out of it.
2. Don't look past dupes.
Affordable alternatives (also called "dupes") that look and work just as well as trendy or luxury gifts are gaining popularity. In fact, the survey shows more than half of people would consider gifting a dupe this holiday season.
If you've got someone on your list who doesn't care about brand names, seeking out alternative options such as dupes or gently used items that have the same functionality and aesthetic appeal can be a cost-effective option. Secondhand stores also offer an opportunity to seek out unique, high-quality and original gifts for loved ones. Just be sure to do your research so you can confidently pick out what's best for the people on your list - and your wallet.
3. Reap your rewards.
This year, nearly half of consumers say they do all or most of their holiday shopping online, according to the survey. If you too are an online shopper, consider using a flexible rewards card that offers cash back on your digital purchases. For example, the Bank of America Customized Cash Rewards credit card allows new cardholders to earn 6% cash back for the first year after an account is opened in a category of their choice (including online shopping) - that's double the usual 3% cash back.
4. Talk about your gift-giving plan beforehand.
Earning rewards on your spending is great, but a successful holiday shopping plan starts with a thoughtful budget. Take stock of your 2025 holiday budget and talk with your loved ones to agree on a spending limit.
This year, 38% of people plan to only buy gifts for immediate family and their closest friends, and 23% have agreed with family members to scale back on gifts. If you can iron out expectations from the outset, you're more likely to enjoy the festivities without wallet-woes.
Financial strain is top of mind for many this year, but it doesn't have to mean a stress-filled season. A bit of planning and strategy can go a long way in getting the most out of your spending. Learn more at BankofAmerica.com.