Many market analysts are expecting this holiday season to be on the light side as consumers hold on to their wallets harder than they have in a decade. So what is the best way to stay in the black but still give good gifts? The secret is to shop smarter than ever before by focusing on your family's core interests and their emotional needs.

This is easier than it sounds. To start with, focus on your relationship with the gift recipient and note your shared interests and hobbies. Look back at this compiled list of hobbies and interests and think about what gifts you would like to have. You may notice that many of these hypothetical gifts are not expensive – even though they are really useful. This is due to the fact that small, thoughtful purchases outnumber the big “anchors” of a particular interest or passion. All it takes is some time to truly consider your connection to your gift receiver; and before you know it you have a list of inexpensive gifts that you know they will truly appreciate.

Sometimes, though, you don't know much about someone you are expected to bring an expensive gift for; this is common for bosses, in-laws, and ministers or rabbis. In this scenario, it's recommended that you stick close to the “creature comforts” that we all have in common. One classic example is luxury bath wear: hardly anyone will buy this for themselves because they don't think they deserve to “pamper” themselves. A perfect solution is a microfiber robe. This soft robe made of some of the softest fabric on the planet and will surely be appreciated. Similarly, cozy slippers, a warm lap blanket, or a set of high quality chocolates are gifts that everyone loves but seldom gets for themselves.