Holiday spending in Canada expected to fall amid recession concerns: report
Meanwhile, Black Friday – a massive retail event that once signalled the start of holiday shopping for many consumers _ is increasingly how many Canadians plan to close out their seasonal spending, the Deloitte survey found.“We saw quite a big jump in terms of how many Canadians will complete their shopping by Black Friday,” said Marty Weintraub, a partner and national retail consulting leader at Deloitte.
“All the retail seasons over the past few years are getting earlier,” Weintraub said. “The retail market is competitive.”The planned reduction in spending this year is unusual compared with conventional retail trends, he said. “Canadians are telling us they’re going to be reducing their spending, which is not typical,” Weintraub said. “We’ve seen it typically increase year over year, except in 2020.”
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