Deloitte Canada’s 2022 holiday retail outlook found Canadians plan to trim holiday spending 17 per cent compared to last year.
“In 2021, consumers were looking for a reason to celebrate as pandemic concerns started to abate,” said Marty Weintraub, national retail consulting leader at Deloitte Canada.
According to the report — based on a Leger survey of more than 1,000 Canadian consumers in late August — about 41 per cent of Canadians have seen household finances take a hit this year, and 48 per cent expect the economy to worsen in 2023. Roughly one in three, or 37 per cent, said they plan to start shopping earlier this year, some even before November — an indication that retailers who roll out holiday-themed products even before Halloween could find eager buyers.Article content
But Boxing Day remains an “unshakable tradition,” said the report, with one in three consumers still planning to take advantage of Boxing Day sales, a figure similar to 2021.
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Holiday spending expected to slump amid inflation, economic uncertainty: reportIn its 2022 Holiday Retail Outlook, Deloitte Canada says overall holiday spending is expected to fall 17 per cent to $1,520 per household as recessionary concerns and higher interest rates rein in budgets
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