More than three-quarters of Canadians plan to tighten their budgets this holiday season amid growing economic challenges, a new survey suggests.
More than 70 percent of Canadians said inflation has affected their gift-giving plans, and 76 percent expect to spend less on holiday shopping this year compared to last, according to the Oct. 16 survey conducted by business insights company Givex. Budgeting for holiday necessities may also change with inflation this season, with 57 percent of respondents expecting to spend more on groceries.
“The impact of inflation remains a critical factor in influencing consumer behaviour this holiday season,” said Givex president Brittain Brown.
Younger Canadians appear more likely to feel the impacts of inflation, said the study, with almost 80 percent of those aged 18 to 34 and those aged 35 to 54 changing their gift plans because of higher costs….