Canadians Will Spend More On Presents, Food & Booze Than They Do On Rent This Christmas
Millennials will not be leaving the house to get their seasonal shopping done!
A new study into the Christmas spending habits of Canadians has discovered that the majority of people will spend more on their Christmas shopping, including presents, food and alcohol, than on their whole month’s rent. The latest research from the 2019 Deloitte Holiday Retail Outlook has uncovered exactly how much money Canadians are actually spending at Christmas, and the total is pretty shocking!
New research from the Deloitte 2019 Holiday Retail Outlook has uncovered exactly how much money the average Canadian is spending every year on Christmas, and it is
In fact, the report finds that Canadians commonly spend around $1,706 on gifts, travel, food and alcohol over the seasonal period, with 79% of those expected to spend the same as last year, if not more.
When it comes to millennials, it seems that the majority of that hefty shopping budget will be going to online retailers, as nearly half of Canadians aged between 18-24 confirmed they’ll be doing almost all of their seasonal shopping from the comfort of their own home.
As far as online retailers go, there’s one giant who will be reaping the rewards of Canadians’ generous Christmas budget.
Amazon is expected to be the number one destination for holiday shoppers this year, as 60% of Canadian consumers said they plan to do gift research on the massive retailer’s website. Of that same 60%, 22% of shoppers intend to spend most, if not all, of their holiday budget there.
That said, despite fierce competition from online retailers, 69% of Canadians will be scoping out potential gifts in a physical store. According to the study, customers understand the benefits of being able to see, touch, and test products, as well as avoid shipping costs, and potentially stumble across unplanned gifts.
Over the Christmas period, the average Canadian is expected to make six trips to physical stores, and seven visits to online retailers, with 78% planning on using the same websites and stores as previous years.
If Canadians are spending a lot of money over the Christmas period, it seems that savings are being made around Boxing Day.
The research finds that while 51% of Canadians haven’t changed their Boxing Day habits recently, 31% of people think Black Friday and Cyber Monday have had a definite impact on their post-Christmas spending.
With just over a month to go until most Canadians officially start Christmas spending, it looks like it's time to start saving!