Holiday Spending Expected To Decrease

Holiday spending is expected to decrease slightly with Canadians planning to spend $555 on gifts this year, a small decrease from $588 in 2020 and $583 in 2019, says the ‘Annual Holiday Spending Study’ from Chartered Professional Accountants of Canada (CPA). Additionally, 38 per cent of Canadians plan to spend less than $200 on holiday travel in 2021, 31 per cent do not plan to spend anything at all on travel this season, and 48 per cent plan to spend less than $200 on holiday entertaining. A majority of Canadians plan to avoid brick-and-mortar stores with only 35 per cent planning to shop in-store. Although this is an increase from the 30 per cent who planned to do majority of their shopping in person last year, it is still lower than the pre-pandemic levels of 45 per cent in 2019. Conversely, roughly one-quarter (26 per cent) plan to shop predominantly online this year, compared to one-third (33 per cent) last year.