Nov 17, 2008 6:30 am US/Pacific
Expert: Shoppers Should Wait For Big Ticket Items
PITTSBURGH, Pa. (CBS) ―
With the economy in a tailspin this holiday season, everyone wants to make sure they're getting the most for their money.
How can you be sure you are getting a good deal?
Meet Tightwad Tod. His real name is Tod Marks, but he calls himself Tightwad Tod because he won't spend a penny more than he has to and wants to make sure you don't either, reports CBS station KDKA-TV in Pittsburgh.
Tightwad Tod has some advice on which items you should buy now, what you might want to wait on and the one gift you should think twice about giving this holiday season.
According to Consumer Reports' annual holiday survey, people will be spending less on the holidays this year.
"Seventy-six percent of the people who participated in the poll tell us they're going to be economizing this year big time," said Consumer Reports' Tightwad Tod.
That doesn't mean you have to go without if you are smart about it. When it comes to shopping, timing is everything.
If you want to buy a big ticket electronics item such as a flat screen plasma or LCD, it might pay to wait to make that purchase.
"If sales start softening and people do not buy them," explained Tightwad Tod, "there's going to be a tremendous push to discount these further but that won't happen until we get closer to the holidays."
If clothing is tops on your gift giving list, Tod said you probably shouldn't wait, especially if the gift recipient wants a particular style or color.
Why?
A lot of merchants are ordering less inventory this year because of the economy.
That means the most popular clothing items may sell out.
If you don't know what someone wants, you may be tempted to buy a gift card.
Sixty percent of people in the Consumer Reports Survey plan to buy gift cards this year, but beware. In this uncertain economy, gift cards could be a dangerous gift.
"When a company goes out of business, your card may end up being worthless so you want to think carefully before giving a gift card," explained Tod.
Tod said the slow economy could also play to consumer's favor with lots of discounts and sales.
"You should never pay retail or list price for anything in this economic climate," said Tod.
"You really want to look at the sales flyers and never buy anything that's being sold at full price. There's no excuse for that in this climate."
One final piece of advice: pay cash and avoid credit if you can - 12 million Americans are still paying off last year's holiday debt.
If you're one of them, using plastic will just put you further in the hole.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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