As the US experiences near-record inflation, there’s one category where you might see some relief this summer. That is hard to believe if you shop for gas, groceries, or back-to-school clothing.
Parents like Quinn Hoffman say inflation is taking a bite.
“I mean, it’s definitely more expensive,” she said. “Anywhere you go, it has been a challenge.”
Shopper Lena Bright was struggling with the price of clothing and shoes. “Clothes are very expensive,” she said.
But that is not the case with some electronics.
Electronics not seeing an inflationary price hike
Tim May, who supervises installations at an electronics store called Alamo Electronics, said he is seeing some price cuts this summer.
“Well, we’ve seen great buys on 4k televisions,” he said. “Technology is getting better and better, and prices are not anymore now than they were three or four years ago.”
The price of a big screen TV is down almost 13% from June of last year to June of this year, according to the Consumer Price Index.
Shoppers may also be able to find deals on smartphones and laptops this summer too.
According to the latest government numbers:
- HDTV prices are down 12.7%
- Smartphone prices are down 20%
- Video cameras and gear prices are down 4%
- Computer prices are down about 1%
The stimulus-check-fueled shopping boom is ending, with shoppers having less money to spend on TVs, laptops and phones. Especially with higher gas and grocery prices.
Bankrate.com’s Ted Rossman said people are spending more money outside the home rather than on furnishings, as they did in 2020 and 2021.
“If people are spending more on travel and dining,” Rossman said, “they’re gonna be spending less on electronics and appliances and clothing and things like that.”
The supply chain is also slowly improving, Rossman said.
“The fact that all of a sudden there’s more supply at a time when there’s less demand, this may actually cause prices to either come down or at least level off,” Rossman said.
The National Retail Federation said sales at electronic stores are down nearly 9 percent this year, which means stores have an incentive to move products.
Look for more sales in the weeks ahead, especially over Labor Day weekend. That way you don’t waste your money.
Don’t Waste Your Money” is a registered trademark of Scripps Media, Inc. (“Scripps”).
Like” John Matarese Money on Facebook
Follow John on Instagram @johnmataresemoney
Follow John on Twitter (@JohnMatarese)
For more consumer news and money saving advice, go to www.dontwasteyourmoney.com