In these times of inflation, Canadians are looking to tighten their belts when shopping for holiday gifts this year and are willing to shop around for the best prices, according to a recent report from Deloitte Canada.
Canadians plan to spend an average of $1,347 to treat their loved ones, an 11% decrease compared to the 2022 holiday season, according to the survey released Tuesday.
Cash spending on gifts therefore continues to fall, compared to an 18% decline last year, according to the previous edition of the company report.
Spending will decline particularly on charitable donations (-40%), but also on gifts (-18%) and gift vouchers (-14%).
On the other hand, Canadians are cutting back on material goods, but have no plans to skimp on spending on travel or experiences – like going to a concert or treating themselves to a day at the spa.
More selective
According to the report, consumers will not hesitate to shop around before opening their wallet to purchase.
In fact, on average, Canadians are willing to visit 16.5 stores and websites, a 37% increase compared to last year.
Factors that explain this need for research include Canadians’ decline in trust in retail. “While 76% of Canadians expect prices to rise during the holidays, 73% suspect retailers are raising prices unfairly,” the study says.
In general, consumers plan to shop for their gifts on Amazon (69%), major retailers (61%) and members-only warehouses like Costco (40%).
Just over half (55%) prefer to pay a little more, but only for sustainable and ethical products.
Deloitte Canada’s survey was conducted among more than 1,000 consumers across Canada.