According to a recent survey from savings destination RetailMeNot.ca, and they determined that Canadian consumers will be spending an all-time high this holiday season. This is a major change from the 2016 stats, which saw Canadians cutting back for more humble shopping. Compared to last year, holiday purchases surged $450 more.
Canadians are spending more money on their family members and friends this year as opposed to last. The main trend increase was on alcohol and holiday decor. Sounds like we can expect lots of holiday spirit this year. When it comes to the top gifts and entertaining this holiday season, here’s what Canadians are buying:
Tech Tycoons – those with tech items on their list will be spending a pretty penny:
- $582 on new computers;
- $495 on smartphones;
- $462 on televisions;
- $280 on new gaming consoles
- $251 on tablets.
Surprisingly, Canadians are keeping their shopping traditional this year, as more than half are buying their gifts in-store. In addition, almost half of Canadians (43%) feel that they overspend on gifts and we can definitely relate to that!
Festive Fashionistas – Canadians are planning on spending $166 on clothing gifts this season, in addition to $122 on new outfits for themselves for holiday parties.
Entertaining Experts – Canadians plan on spending approximately $208 on hosting a holiday party this season and even more when attending multiple holiday parties ($216).
Other Interesting Survey Findings:
Lavish lovers – Men plan on spending about $255 on their significant others this year, much more than women, who plan on spending $168. Whoops.
Selfish shoppers – More than half of Canadians (52%) purchase gifts for themselves while shopping for others (not surprising). This is actually even more true for men with 38% agreeing versus only 21% of females. That’s a big shock to us!
Budget barriers – Almost half of Canadians (46%) feel as if they wish they could spend more on their loved ones.
RetailMeNot.ca regularly conducts consumer trend and spending surveys.
About the survey:
From October 27th to October 28th, 2017 an online survey was conducted among 1,509 randomly selected Canadian adults who are Angus Reid Forum panelists. The margin of error—which measures sampling variability—is +/- 2.5%, 19 times out of 20. The results have been statistically weighted according to education, age, gender and region (and in Quebec, language) Census data to ensure a sample representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.