Canadians Plan To Increase Holiday Spending

Canadian consumers indicate an improvement with their personal finances, growing economic confidence, and plans to significantly increase their holiday spending, says PWC’s ‘Canadian holiday outlook.’ In fact, Canadians expect to increase their individual holiday spending by 29 per cent over last year, with an average outlay of $1,420. This spending is still 11 per cent below pre-pandemic levels (2019), predominantly due to the slow return of travel. Additionally, Millennials take the lead in the highest-spending generation at $1,618, compared to Gen Z at $1,178, Gen X at $1,452, Baby Boomers at $1,373, and the Greatest Generation at $1,011). The data shows that consumers plan to spend approximately half their holiday shopping time in physical stores (49 per cent). The 2020 holiday outlook indicated that consumers were adapting to lifestyle changes amid all the uncertainty that the pandemic presented. The Canadian consumer profile last year was concerned about the pandemic, job losses, and reduced work hours which, in turn, decreased personal spending capabilities. In 2021, the pandemic concerns are still prevalent, however, there is improvement with Canadian's personal finances and growing confidence in the economy.