Despite the rising cost of living, a majority of Canadians are planning on spending the same, or more, on holiday shopping as they did in 2022.
A recent survey from PwC Canada found Canadians expect to spend an average of $1,635 this year, a 13 percent increase from the year prior.
Spending will vary by generation, with larger increases among Gen X and Z consumers. The increase will largely impact travel as consumers return to pre-pandemic travelling habits.
However, a larger shopping budget doesn’t mean Canadians aren’t looking at the cost of products. The survey found that 91 percent of respondents will look at the price of products with “great importance” this holiday season, which is the number one factor influencing their shopping. A further eight in ten respondents said they’d be looking for sales, as “price is the most important factor” in holiday shopping. Other important factors include user-friendly experiences and speed of delivery.
As with travel, in-store shopping will also be of importance this year, as 61 percent of survey respondents plan to find gifts by visiting retail locations. Shoppers will seek “tech-savvy staff” to assist with purchases and also turn to emerging technologies like virtual reality, augmented reality, and artificial intelligence for product recommendations.
Online marketplaces will also play an important role this holiday shopping season. The survey found 91 percent of consumers plan to make purchases from Amazon, three in ten will shop through Walmart’s e-marketplace, and 21 percent will make purchases on Etsy.
The survey notes alternative payment methods, such as Apple Pay and Android Pay, are gaining ground. This is especially true among Gen Z compared to the general population. However, traditional payment methods, such as credit or debit cards, remain the most popular.
Results are based on information collected from 1,000 Canadian consumers between July 24th to August 16th, 2023.
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Image credit: Shutterstock
Source: PwC Canada
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