A new survey reveals spending intentions are in line with 2021
Canadian consumers are tightening their belts but will find the money necessary to celebrate the holidays.
Average spending will remain similar to in 2021 at $790, despite 6 in 10 survey respondents saying that they are feeling current financial strains.
However, the 5th annual RCC X Leger Holiday Shopping Survey for the Retail Council of Canada also reveals that the way that the money is spent has changed in recent years with 62% planning to buy more meaningful gifts for a smaller number of people.
Deals will also be in demand with 6 in 10 respondents looking for bargains more than in previous years and shopping around will be more prevalent. Waiting later to do shopping for gifts in the hope of discounts will also be common.
Top concerns for holiday shopping this year are cost of living/ inflation (26%), products availability (22%), and COVID-19 related/safety issues (20%).
In-person is back
The survey also identified a return to in-person shopping and restaurants, reversing a trend exacerbated by the pandemic.
"Canadians are getting back to more in-person get-togethers and more in-store shopping this holiday season. They are looking to recapture that 'festive holiday spirit'. The challenges of the last few years and worries over finances are very present, but Canadians are largely determined not to let this affect their celebrations this year," said Diane J. Brisebois, President and CEO, Retail Council of Canada. "Retailers across the country are meeting consumers' needs with unique holiday shopping experiences and amazing products and promotions.
