Canadians Apparently Want To Spend Less Money & Stay Home This Holiday Season
They've also got their eye on one major retailer.
Brace yourselves,will be a season like no other! It seems Canadians aren't just this year, but are actually getting ready for a very different holiday season that involves saving some money.
With the season of giving approaching and a global pandemic in full swing, Canadians apparently plan to spend less money this year while opting for online shopping across the country.
A survey conducted by Deloitte's 2020 Holiday Retail Outlook, shows that people are altering their habits due to COVID-19 and have different plans for eat and play this holiday.
How much will Canadians dish out this holiday season?
According to the survey, this year will see an 18% fall in holiday spending since one in three Canadians have decided to cut back.
The total money people are willing to part with is an average of $1,405 this year. This sum includes travel, eating out, and purchasing alcohol to entertain guests.
That's down from $1,706 in 2019 and the pandemic is to blame.
"Whether personally affected by COVID-19 or not, consumers are much less optimistic about the country's economy," Marty Weintraub, partner and national retail leader at Deloitte Canada said. "Which will drastically alter how much and where they're going to spend this holiday season."
What are the holiday consumer trends and the reason behind it?
The popular trend we're expected to see this holiday is actually one that has already been witnessed since the start of COVID-19: Online shopping.
Per the report, 57% of Canadians say they’ve taken to shopping via the web since the pandemic first began.
One popular retailer, in particular, has been Amazon.
In fact, 66% of shoppers have said they will be purchasing their gifts and other items by way of the tech giant.
What's more, only 53% of shoppers say that they will shop in-store, which is down from 69% last year.
If that wasn't enough to prove that Canadians want to kick back at home and shop with the click of a button, maybe 78% of consumers and 86% of those aged 18-34, who have already shopped online will convince you.
What does COVID-19 have to do with it?
Several months into this pandemic and Canadians are still being cautious of the risks, according to the survey.
64% said the risk of catching COVID-19 is the main reason why they want to stay clear of stores, crowds and never-ending lines.