Millennial Money: Be Ready To Work For Labor Day Bargains – InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Life Insurance
    • Annuity News
    • Health/Employee Benefits
    • Property and Casualty
    • Advisor News
    • Washington Wire
    • Regulation News
    • Sponsored Content
    • Webinars
    • Monthly Focus
  • INN Exclusives
  • NewsWires
  • Magazine
  • Free Newsletters
Sign in or register to be an INNsider.
  • INN Exclusives
  • NewsWires
  • Magazine
  • Free Newsletters
  • Insider
  • About
  • Advertise
  • Editorial Staff
  • Contact
  • Newsletters

Get Social

  • Facebook
  • Twitter
  • LinkedIn
Advisor News
Newswires RSS Get our newsletter
Order Prints
August 31, 2021 Newswires No comments
Share
Share
Tweet
Email

Millennial Money: Be Ready To Work For Labor Day Bargains

Associated Press

This Labor Day, some Americans will have extra cash on hand for holiday weekend shopping.

Some people padded their savings accounts by staying home during the pandemic. And some set aside the advance payments of the child tax credit they received, points out Amna Kirmani, marketing professor at the University of Maryland’s Robert H. Smith School of Business.

But consumers who are ready to spend will face the retail impacts of the continuing pandemic, supply chain interruptions and inflation.

Labor Day savings may not be as easy to spot this year, either online or in person. In fact, for some product categories, there might not be discounts at all.

Here’s what you need to know about the sales — and why you may have to work a little harder to find what you’re looking for on Sept. 6.

RETAIL FACES TOUGH SLOG

Ramping up production after last year’s COVID-19 shutdowns has led to ripple effects in the retail world.

“We have consumers who are believed to have quite a bit of money in their pockets, but the retailers do not have a lot of product,” says Tom Arnold , professor of finance at the University of Richmond’s Robins School of Business in Virginia.

“The supply chain issues are very real in that the retailers are having a difficult time getting product, and when they do get product, they are facing a higher cost for the product.”

That means some retailers are struggling just to fill their shelves. And if these stores don’t have much inventory to sell in the first place, they won’t be as motivated to discount the items they do have in stock.

Here’s how a retailer might be thinking about inventory: “In past years, I could have 100 units, thinking I could sell 50 at regular price, the next 30 at 25% off and then clear out with half-price,” Arnold says. “Well, this year I might only have 50 units and I might be able to sell all of them at regular price.”

SALE CATEGORIES ARE IN FLUX

As a result, Labor Day staples like car sales, appliance deals and mattress markdowns might not be a given in 2021 — or, not as impressive.

Products in low supply aren’t expected to be discounted much, if at all. That’s the case with some cars , Kirmani predicts.

You will, however, be able to find deep discounts on summer-related merchandise. Retailers will be motivated to unload whatever warm-weather inventory they have left over before consumers transition to fall. You can also expect clothing deals, as Labor Day falls within the back-to-school shopping season.

Promotions are expected to take place at big-box retailers, home improvement outlets, department stores and tech giants. For example, Wayfair, Best Buy and Macy’s have been known to offer Labor Day savings.

But, again, prepare for some of the discount levels to be modest.

“I think as far as Labor Day sales, they’re not going to be as good as they have been in previous years,” Arnold says.

SHOPPERS HAVE TO WORK FOR DEALS

If you choose to shop over Labor Day weekend despite the challenges, here’s how to maximize your money and increase your chances of finding a good deal:

— COMPARE PRICES. Comparison shopping on the internet is the best option for finding the lowest price, according to Kirmani. Seek out deal comparison sites and sales roundups that do the homework for you, or start monitoring prices yourself before Labor Day so you can judge the value of a sale.

— CHOOSE YOUR MODE OF SHOPPING. Browsing from home gives you the flexibility to visit countless sales in a short period of time — and the peace of mind of staying safe during the pandemic. But if you’re worried an item will be backordered, you may want to consider going in person instead to ensure you get what you want. Arnold anticipates the frustration of shipping delays could drive some shoppers to the store.

— WEIGH NEEDS VERSUS WANTS. Finally, consider how badly you need a particular item, Arnold suggests. If you need it right now, get it where it’s available. If you want it but could go without for a few months, try holding off until some of the supply chain issues are under control. Black Friday sales — which Kirmani says are historically better than Labor Day — will be coming in November. But it’s difficult to predict what those sales will look like this year.

The bottom line? Arnold says you can find some “good” deals this Labor Day, but they won’t be “fantastic.”

This column was provided to The Associated Press by the personal finance website NerdWallet. Courtney Jespersen is a writer at NerdWallet. Email: [email protected]. Twitter: @courtneynerd.

RELATED LINK:

NerdWallet: The 2021 guide to maximizing your money https://bit.ly/nerdwallet-2021-guide

Older

Radio Television Digital News Association and NEFE Announce 2021 Personal Finance Reporting Award Winners

Newer

Racine County joins in proclaiming September as National Preparedness Month

Advisor News

  • What Rising Prices Could Mean For Your Clients’ Retirement Plans
  • 38% Of Investors Pulled Money From Stock Market In The Past Year
  • Financial Focus: Retirement Money Management
  • Americans Spread Their Money Across More Firms, Survey Finds
  • Now Is A Good Time To Buy This Inflation Savings Bond
More Advisor News

Annuity News

  • LibertyMark Freedom Fixed Indexed Annuities Launch
  • Nationwide Adds BNP Paribas Global H-Factor Index To FIA
  • Transamerica Launches Structured Index Advantage Annuity
  • Recommending FIAs: Start With The Client’s Objective
  • NC Man Wins First $5 Million Prize In Scratch-Off Game
Sponsor
More Annuity News

Health/Employee Benefits News

  • AHIP’s Policy Roadmap Aimed At Increasing Health Care Access, Affordability
  • Don’t Fall For Joe Namath’s Ads
  • Health Insurance Can Now Help Some Californians Find Housing
  • $2.7B Settlement In CalPERS Long-Term Care Insurance Lawsuit Is Canceled
  • Virginia Poised To Review Eligibility Of 2 Million In Medicaid ‘Safe Haven’
More Health/Employee Benefits News

Life Insurance

  • The 5 Secrets To Retaining Financial Sales Professionals
  • Life Insurance Activity Continues Dip In April But Still Stronger Than 2021, MIB Reports
  • Transamerica Adds Execs To Annuity And Life Insurance Team
  • Northwestern Mutual Invests $5M In Black-Led Financial Institutions
  • Protective Life Closes On AUL Acquisition
More Life Insurance

- Presented By -

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

FEATURED OFFERS

Get Linked INN to your industry Connect with INN on LinkedIn to be first on all the news and insights that matter to your industry.

Press ReleasesAll press releases

  • OneAmerica Commits $1 Million Toward Financial Literacy
  • Transamerica Structured Index Advantage Annuity Offers Investors More Certainty with Upside Growth and Downside Protection
  • Senior Market Sales Creates First-of-Its-Kind Lead Acquisition Platform
  • Growing financial services firm Kuvare opens Des Moines office in East Village, continuing expansion in Iowa
  • BetterLife Selects iPipeline® to Digitally Transform Its Business & Better Serve Future Generations
Add your Press Release >

Topics

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits
  • Property and Casualty
  • Advisor News
  • Washington Wire
  • Regulation News
  • Sponsored Content
  • Webinars
  • Monthly Focus

Top Sections

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits News
  • Property and Casualty News
  • AdvisorNews
  • Washington Wire
  • Insurance Webinars

Our Company

  • About
  • Editorial Staff
  • Magazine
  • Write for INN
  • Advertise
  • Contact

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2022 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • Sitemap
  • AdvisorNews

Sign in with your INNsider Account

Not registered? Become an INNsider.