Canadian consumers say they plan to spend less money on holiday shopping this year as inflation erodes their buying power, according to a new survey.
Deloitte Canada’s “Holiday Retail Outlook 2022” has found that holiday spending this year is expected to decline 17% to $1,520 per household as higher interest rates negatively impact budgets and concerns grow about an economic recession.
The report, which is based on a Leger survey of more than 1,000 Canadian consumers, also found that people are planning to shop early and hunt for deals this year.
Many retailers are rolling out Christmas sales and promotions this year before Halloween.
E-commerce giant Amazon (AMZN) launched a two-day Prime sales extravaganza earlier in October, moving the annual event up by nearly two months this year.
The Deloitte survey also found that many Canadian shoppers plan to take advantage of Black Friday sales in late November that are tied to American Thanksgiving to help with their holiday shopping this year.
