Planning for Christmas and other December holidays early in the year is typically a good idea in any economic climate. But this year, with the threat of widespread tariffs affecting the price of everything from toys and electronics to sneakers and apparel, some may be thinking about buying holiday gifts now.
Read Next: 5 Grocery Items To Buy Now Before Tariffs Raise Prices This Spring
Find Out: 5 Things You Must Do When Your Savings Reach $50,000
Here are more details on the ongoing tariffs and whether or not they’re a reason to buy Christmas gifts now.
Also see the surprising items people are stocking up on before tariff pains hit.
Trending Now: Suze Orman’s Secret to a Wealthy Retirement–Have You Made This Money Move?
Is It Time To Buy?
Many are concerned that tariffs are going to cause price increases on various items, so it may be a good idea to start holiday shopping early.
You may not even want to wait for Amazon, Walmart and other retailers to launch their popular Christmas in July sales to stock up on some items. By the time July rolls around, the goods on store shelves and in e-commerce warehouses may be subject to high tariffs. Items imported from China especially could cost more if the current tariffs remain in place.
Although President Trump said that China “will probably eat those tariffs” in a recent interview, finance and shopping experts aren’t as optimistic.
“What we think will happen, in most cases, is that that additional cost will filter down to the customer, which is why everyone is so concerned,” shopping expert Trae Bodge told Today.
Explore More: 6 Home Appliances To Buy Now Before Trump’s Tariffs Take Hold
What Items Should You Buy?
Companies like Mattel, Lego and Hasbro may all raise prices, and the CEO of Basic Fun, which manufactures Tonka trucks and Care Bears merchandise, told The Today Show that the tariffs could create a toy shortage this Christmas. He also noted one toy in particular that could rise from about $30 to almost $70.
Chinese-based online retailers Temu and Shein have already increased prices, with Shein increasing its prices by as much as 377%, according to Bloomberg.
Fortunately, if you shop with U.S.-based retailers, there’s still time to replace appliances and electronics and start Christmas shopping early as retailers sell out their existing inventory. Memorial Day sales may be a good chance to snag low prices on imported items like tech, toys, apparel, appliances and home goods.
More From GOBankingRates
-
5 Types of Vehicles Retirees Should Stay Away From Buying
-
6 Subtly Genius Moves All Wealthy People Make With Their Money
-
4 Things You Should Do if You Want To Retire Early
-
7 Wealth-Building Shortcuts Proven To Add $1K to Your Wallet This Month
Sources
-
Today, “Concerned about tariffs? The items experts say you should be buying now.”
-
Today, “With uncertainty over tariffs, should you do holiday shopping now?“
-
Bloomberg, “Shein Hikes US Prices as Much as 377% Ahead of Tariff Increases.”
This article originally appeared on GOBankingRates.com: Should You Buy Christmas Gifts Now Before Tariffs Kick In?
