With costs continuing to rise and expenses adding up a study by Research Co. shows Canadians plan to spend smartly.
In the national online survey by Research Co., in which president and CEO Mario Canseco says a representative sample was surveyed, it was indicated approximately 47 per cent wouldn’t spend over $500 on gifts or food during this holiday season.
“Just over two in five Canadians say their expected expenditures during the holiday season will be higher than $500,” Canseco says. “The proportion climbs to 49 per cent in BC and 58 per cent in Atlantic Canada.”
The survey also showed more than three-in-five Canadians, approximately 63 per cent, will spend about the same on the holidays as they did in 2022.
According to Statistics Canada, spending should remain on par with 2022, with less than 10 per cent of Canadians thinking they would spend under $200, while 10 to 15 per cent indicated they would be ok with spending $1,000 or more.
Projected spending for the 2023 holiday season. Photo credit: Statistics Canada
The stats indicate three factors are keeping Canadians across the country from spending money, as they did pre-pandemic, with 61 per cent indicating inflation being number one, 53 per cent indicating the cost of groceries, and 32 per cent blaming rising gas prices.
Approximately 27 per cent of people across Canada believe this season will be ‘more fun than stressful,’ which is up four points since December 2022.