Stores offer holiday savings plans for frugal shoppers
09/08/2010 - By Louise Hauser
Stores promote Chrismas savings clubs to spur spending.
With consumer spending growing slower than expected, retailers are getting an early start on the holiday shopping season in the hopes of spurring buyers to credit card machines.
Large retailers such as Sears and Toys R Us have launched Christmas savings clubs, which provide shoppers with savings cards, the Associated Press reports. The cards - basically debit cards - allow customers to receive a 3-percent bonus for any money they load onto them up to a specific deadline.
After the cut-off point - November 15 for Sears and October 16 for Toys R Us - the cards will work as gift cards both online and in stores, allowing shoppers to use the cards to make purchases while guaranteeing holiday sales for the stores, the AP writes.
Smaller businesses are offering layaway plans, yet few larger retailers have tapped into the trend. Ellen Davis, vice president of the National Retail Federation, told the AP that larger stores are waiting to see how Sears and Toys R Us fare before launching their own programs in 2011.
Currently, states nationwide are using tax holidays to get consumers to point-of-sale terminals
. Illinois has suspended its 5-percent states sales tax for 10 days on back-to-school purchases to encourage families to spend.
Articles written by ChargeNational.com's editorial team. For more information, click here.
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