Canadians Cut Back Spending To Plan For Holidays

Canadians are looking forward to the holiday season, but will be trimming their spending ahead of time to make the most of it, says the ‘2022 Holiday Shopping Report’ from Accenture. It says Canadians will be saving money in multiple ways in the run-up to the holidays, including cutting back on non-essentials such as entertainment subscriptions and eating at restaurants (69 per cent), spending less on travel or hotel stays (63 per cent), and even having fewer decorative lights to lower their utility bills (61 per cent). More than two-thirds of Canadians say they will even cut back on gifts to their extended family and friends (67 per cent) or not exchanging them altogether (57 per cent). Overall, Canadians expect to spend $643 this season, an increase from last year's average spend of $635, but still less than the pre-pandemic spending level of $721 in 2019. When it comes to deciding where to shop and how to spend money, price is the top consideration (81 per cent).