Redknapp is widely expected to bring in fresh faces this month in an attempt to lift QPR off the bottom of the Premier League table and out of the relegation zone.
The likes of Joe Cole, Nicolas Anelka and Loic Remy have all been linked with moves to Loftus Road, but Redknapp has already expressed his concern about panic buying.
He is not planning any early deals following the opening of the window, with QPR meeting Chelsea on Wednesday and then facing West Brom in the FA Cup third round on Saturday.
"I wouldn't have thought so," Redknapp told Sky Sports News when asked if he would be making any signings on New Year's Day. "We're not doing anything really, we'll just wait and see.
"We've got a game tomorrow against Chelsea, then a cup game and we've got a little break after that, so we'll see what happens.
"It's difficult at this time of year, it's very difficult to make signings.
"Who's going to let people go? People hold you to ransom if they know you're desperate. It's a very difficult time."