A survey conducted by the Retail Council of Canada (RCCD) and Léger found that Canadians plan to spend an average of $898 this holiday season.
This is a record average since this annual survey was launched six years ago.
In 2022, the average budget was $782.
“Although Canadians face significant financial concerns, their determination to shop and celebrate during the holidays is unwavering,” states Diane J. Brisebois, president and CEO of the CCCD, in a press release. “The country’s retailers recognize these needs and will offer Canadians unique holiday shopping experiences, supported by exceptional products and attractive, high-quality promotions.”
Despite economic concerns, 80% of this record amount will be spent on buying gifts. 88% of Canadians plan to use proactive shopping tactics, including searching for sales (52%), shopping in advance (41%) and staying on budget (40%).
They also plan to make their purchases based on holiday sales and promotions (66%) and free delivery (55%). 48% of respondents look for exclusive offers in store and 60% look for online promotions to benefit from added value.
Note that the most popular promotional days among shoppers are Black Friday (40%), Cyber Monday and Cyber Week (37%), and Boxing Day sales (32%).
Clothing stands out in 2023. It will make up 17% of the holiday budget, closely followed by home entertainment items such as food and alcohol, which make up 16% of the budget.
45% of consumers also say they are tempted to give gift cards to their loved ones. This is in line with the desire of 37% of Canadians who prefer to receive such gifts over traditional gifts.
The most popular are restaurant gift cards (42%), followed by major retailer cards (33%) and grocery store cards (27%).
Additionally, support for local businesses has increased significantly during the holiday season, with 82% of Canadians emphasizing its importance this year, compared to 74% last year.
Quebecers’ spending could be well below the national average. In fact, the average budget in Quebec should be $663. At the other end of the spectrum are sailors, with expected expenses of $1,100.
In British Columbia, holiday spending is expected to total $860. (NP)
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