Holiday spending in Canada is expected to drop this year as inflation shrinks consumer buying power and economic uncertainty looms over household budgets, a new report says.
said Tuesday 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.
The report, based on a Leger survey of more than 1,000 Canadians conducted in late August, found more than a third of respondents plan to start shopping earlier than last year. "We saw quite a big jump in terms of how many Canadians will complete their shopping by Black Friday," Weintraub said. The planned reduction in spending this year is unusual compared with conventional retail trends, he said.
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