Canadians are planning to spend more than they did last year on holiday shopping, according to a new survey.
The 2024 Holiday Shopping Retail Outlook by Deloitte Canada found Canadians plan to spend $1,478 for the holiday season, which is 10 per cent more – or $131 more – than last year when spending reached a five-year low. However, the amount is still below levels from recent years with Canadians spending $1,520 in 2022 and $1,706 in 2019.
The findings are based on a survey of more than 1,000 consumers, looking at various age groups financial situations and geographic regions, Deloitte Canada says.
Marty Weintraub, partner with Deloitte Canada, said many consumers plan to wait until Black Friday, which falls on Nov. 29 this year (five days later than 2023), to shop.
“The competition is going to be fierce...Forty-two per cent of Canadians believe the best deals will be on or around Black Friday,” said Weintraub.
The survey also found more Canadians plan to be charitable this holiday season with donations up 35 per cent. Travel spending is also expected to jump 20 per cent as more people say they plan to be away over the Christmas holidays.
One woman told CTV News she is taking her family to Barbados for the holidays but gave her children the choice of whether they wanted to come.
“I would prefer to buy fewer gifts and make memories than spend money on material things,” she said.
According to the survey, many Canadians will do their holiday shopping online, with 71 per cent of respondents buying items through Amazon – though the online retailer is getting some added competition.
The survey found that 14 per cent of shoppers plan to use Temu, Shein and Alibaba, though 30 per cent of consumers have shopped on those platforms within the last three months.
“The prices are really, really low, so not only are they new and exciting, it’s an inspiration for shoppers to get really good value,” said Weintraub.
Many shoppers are also growing increasingly concerned about data breaches and their privacy. The survey found that one in in four Canadians have been impacted by a retailer data breach while six in 10 consumers also have concerns about artificial intelligence.
Despite wanting to buy gifts for the holidays, about one-third of Canadians are concerned about how they’ll pay for them, another third are worried about their credit card debt, and more than half are worried about how they will pay their mortgage or rent.