Loyola Quinlan Professor Offers Holiday Gift Buying Advice to Shoppers
News Flash: We’re less than one week away from Christmas! Have you finished your holiday shopping yet? Of course you haven’t! For those procrastinators who have not, Professor Mary Ann McGrath of the Loyola University Quinlan School of Business has some tips for you.
McGrath recently published a guide on the Quinlan website that outlines four shortcuts for gift giving. The list offers consumers a few different ideas on how to best spend money on others this holiday season. A survey by the National Retail Federation shows that shoppers are expected to spend about $967 this year, up 3.4 percent from 2016; and that number only increases for those in the 18-24 year-old demographic.
McGrath’s first piece of advice is to focus on one or two special people. Don’t get hung up on finding special gifts to everyone in your life, you’ll only be wearing yourself, your time, and your money thin. Instead, she advises that consumers “choose one or two special people in your life—perhaps your significant other, a very special friend, or a parent—and find that special gift for him or her.”
Next, McGrath encourages giving non-traditional gifts, such as services or nonprofit contributions. Think of who you are buying for an purchase a service that best suits them. Know someone with kids? Buy them credit toward a babysitting service. Got a foodie in your life? You can’t go wrong with a restaurant gift card.
For those who have everything, consider making a contribution to a charity in their name. “If you are not sure which groups your recipient favors, a charity that benefits children is always a good choice,” she says.
Ultimately, McGrath says that the most successful gifts are small do not necessarily come from a store. In fact, she has found that “the perfect gift” is oftentime the handmade gift of a child. “In just that spirit, give generously and freely, try not to burden yourself or your recipients, and enjoy the company of family and friends,” she says.
McGrath, a professor of marketing, is an expert on consumer rituals, gift exchanges, and shopping behavior. She recently expanded her research into the international marketplace, and publishing several papers related to shopping and consumer behavior in China, where she lived and taught for two years. You can learn more about McGrath by reading her bio page.
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