JLL reports a 32% increase in end of year spending as Canadians prioritize deals and in-store purchases
JLL’s latest Canada’s Holiday Shopping Survey Report provides insights into the 2024 holiday shopping season, revealing significant trends in spending, shopping preferences, and consumer behaviours.
Holiday budgets are set to rise as Canadians plan to spend an average of $971 on gifts and holiday goods, marking a 32 percent increase from last year and the most considerable annual rise since 2019.
Nearly nine out of ten Canadians (90 percent) intend to search for deals, with the most popular shopping period occurring in the weeks leading up to Black Friday (November 1 to November 28), during which 89 percent of Canadians plan to shop.
Another high-traffic shopping period is expected from December 3 to December 20.
Shopping centres remain the preferred choice, with majority of Canadians (99 percent) planning to visit one during the holiday season, an increase from 95 percent last year.
A substantial 74 percent of Canadians plan to shop in-store, with online shopping on internet platforms also popular at 70 percent. The average time Canadians expect to spend per shopping centre visit is 66 minutes.
The report highlights a growing interest in experiences, with 36 percent of holiday budgets allocated to dining, travel, and recreational activities—up from 30 percent last year.
Gift cards remain the top gift choice, with 78 percent of Canadians planning to purchase them for friends and family.
Social media's influence on holiday shopping decisions has declined, with all major platforms except YouTube seeing less engagement for shopping guidance.
Gen Z shoppers, in particular, have shown a notable shift away from social media, with TikTok experiencing the most significant drop, decreasing by 20 percentage points in usage for holiday shopping decisions.
Financial priorities differ by age, as nearly half of Gen Z shoppers (47 percent) prioritize saving this season, in contrast to 37 percent of Baby Boomers.
Casdin Parr, executive vice president of Retail Advisory Services at JLL Canada, commented on the substantial increase in holiday budgets, noting, “We’re seeing a significant jump in holiday budgets this year and a trend towards shopping for the holidays ahead of Black Friday deals.”
Parr also highlighted that this year’s increase is the largest since pre-pandemic times, with Canadians showing a strong preference for shopping centres as their primary holiday destination.
