Travel, gifts, and entertainment are expected to comprise the bulk of spending
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Don’t expect Canadian consumers to save much during the holidays.
In its new 2017 Holiday Outlook, PwC Canada found that Canadian consumers will spend an average of $1,507 this holiday season. Twenty-seven per cent said they expect their expenses to increase this year, while 53% believe they will spend the same.
“Canadians are optimistic about the positive economic outlook and are confident about their spending habits,” said Sonia Boisvert, partner and national retail and consumer leader at PwC Canada.
Researchers found that the majority of consumers’ money will go to gifts (41%) and travel expenses (45%); 14% will be spent on entertainment. While 42% of consumers said they’d like to receive gift cards, 46% are planning to buy physical gifts. The most popular physical gift choices are apparel (49%), toys (36%), personal electronics (30%), and alcohol (30%).
Looking at the factors that influence gift choices, PwC found that 62% of Canadians are most mindful of price. Other considerations reported were promotions and deals (37%), free shipping (35%), and quality merchandise (27%). The survey also found that 58% of consumers plan to support local or independent retailers; an inclination toward social and environmental responsibility, as well as health and wellness, could also influence spending decisions, especially among millennials and members of Generation Z.
“We can expect the biggest spending increase to come from Generation Z and millennial parents,” Boisvert said.
More than half of consumers (62%) said they’ll do their shopping at physical stores. Among those going online, 77% said they’d buy from Amazon, making it the top choice for e-commerce this holiday season. Nearly half of Canadians (48%) said they would finish their holiday shopping after Black Friday.
For more of Wealth Professional's latest industry news, click here.
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In its new 2017 Holiday Outlook, PwC Canada found that Canadian consumers will spend an average of $1,507 this holiday season. Twenty-seven per cent said they expect their expenses to increase this year, while 53% believe they will spend the same.
“Canadians are optimistic about the positive economic outlook and are confident about their spending habits,” said Sonia Boisvert, partner and national retail and consumer leader at PwC Canada.
Researchers found that the majority of consumers’ money will go to gifts (41%) and travel expenses (45%); 14% will be spent on entertainment. While 42% of consumers said they’d like to receive gift cards, 46% are planning to buy physical gifts. The most popular physical gift choices are apparel (49%), toys (36%), personal electronics (30%), and alcohol (30%).
Looking at the factors that influence gift choices, PwC found that 62% of Canadians are most mindful of price. Other considerations reported were promotions and deals (37%), free shipping (35%), and quality merchandise (27%). The survey also found that 58% of consumers plan to support local or independent retailers; an inclination toward social and environmental responsibility, as well as health and wellness, could also influence spending decisions, especially among millennials and members of Generation Z.
“We can expect the biggest spending increase to come from Generation Z and millennial parents,” Boisvert said.
More than half of consumers (62%) said they’ll do their shopping at physical stores. Among those going online, 77% said they’d buy from Amazon, making it the top choice for e-commerce this holiday season. Nearly half of Canadians (48%) said they would finish their holiday shopping after Black Friday.
For more of Wealth Professional's latest industry news, click here.
Related stories:
Millennials lauded for saving strategies
Are Canadians saving enough for retirement?
