Smart Shopping with Intervening Inflation

Hey Festive Founders! Keep reading to check out our Tips!

'Tis the season of giving, but rising inflation doesn't have to dampen your holiday spirit. Join us on a festive journey where we unveil the secrets to smart shopping that not only support local businesses but also ensure you make the best-informed buying decisions.

Ever wondered about the intricate dance between supply, demand, and inflation during the festive season? 

According to insights from the Business Development Bank of Canada (BDC), inflation is steered by the interplay of supply and demand.

"During the COVID-19 pandemic, demand surged worldwide while supply dwindled due to shop closures for health reasons," explains Charbonneau from BDC. The outbreak of the war in Ukraine in February 2022 further tightened the supply chain, intensifying the pressure.

So, as the holiday shopping frenzy kicks in and demand soars, understanding this delicate balance can empower you to navigate the market with wisdom.

Consumer Pro Tip 1: 

It’s a Win Win Supporting Local

In a world filled with big-box stores and online giants, there's a certain magic in supporting your local businesses during the holidays. From unique gifts to personalized service, you can get better deals on products and services which helps you save a dollar or two. The trick is research. Call around and google local (saves on gas) to find what you are looking for. Often local businesses deliver, some even across our country. Not only are you getting a great gift, but you are supporting businesses in your community.

Consumer Pro Tip 2: 

The Power of Reviews:

Dive into product reviews to make informed choices. Santa checks his list twice; you can check reviews thrice for a merry and bright shopping experience!

Consumer Pro Tip 3:

DO NOT be tempted by loans - buy now and pay later! 

This idea is often thought of as a convenient way to pay for purchases over time. Falling behind on these plans could result in credit score damage and expensive fees. Plus, having to make those payments can be stressful.

Business Pro Tip 1:

Social Media Marketing

The holidays present a unique marketing opportunity to overcome the boundaries of consumer indifference and cost-effectively raise your company's brand among the masses. 

Liven up your social media with Christmas / Holiday content.

Business Pro Tip 2:

Offer “In House Only” Promotions

Customers are always looking for deals - especially during the holidays. The trick is to get them in your door. Having 2 for 1 deals, “buy this, get this free”, or gift wrapping for the 1st 3 purchases, can attract more customers and get inventory sold! Track what they have purchases to you can have a better future marketing strategy.

Business Pro Tip 3:

Donating to Charity

The holidays are a time of giving. Non-profits are especially vulnerable during times of inflation. Hosting an event where part of the proceeds of the sales goes to a charity is a win in - increases your sales, makes your brand more visible and creates an image of goodwill. The key is to ensure the charity aligns with your business (or you as a business owner) and that the event is marketed properly. Communicate with the charity of your choice on how to achieve this. 

Ready to make this festive season the most magical one yet? Explore our resources for smart business decisions and tips and stay ready for 2024! F&S Advantage