Deloitte Canada says overall holiday spending is expected to fall 17% to $1,520 per household as recessionary concerns and higher interest rates rein in budgets
A new report says holiday spending in Canada is expected to drop this year as inflation shrinks consumer buying power and economic uncertainty looms.
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,” said Marty Weintraub, a partner and national retail consulting leader at Deloitte.
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