As inflation runs hot, Canadians plan to cool spending on holiday gifts: poll
Inflationary pressures that have made it difficult for Canadians to buy groceries and property and pay for gas are now also affecting how people celebrate the holidays with their loved ones this year, said Darrell Bricker, CEO of Ipsos public affairs.
As inflation remains well above the Bank of Canada’s comfort zone of two per cent, nearly half the respondents are worried about being able to afford holiday gifts for loved ones this year.Canada’s headline inflation rate has eased to 6.9 per cent from a peak of 8.1 per cent in June, but food costs are still accelerating, and underlying price pressures remain sticky.Holiday shopping — Canadians can expect sales ‘very early’ this year.
Meanwhile, a majority said they are being more careful about their expenses than in past years. Three in 10 also said lower earnings were a factor, while more than half said they would rather spend more on basic necessities and don’t have money to spare on gift shopping. “There’s a lot of things that are being worked into people’s calculations about how they’re going to celebrate in terms of gift giving this holiday season that in the last couple of years haven’t really been as present,” said Bricker.How economic uncertainty could affect upcoming holiday spending
In terms of households, a majority of those earning less than $40,000 a year and between $40,000 and $60,000 said they were concerned about not having enough money to buy presents., told Global News in a previous interview that while the holidays can be a source of financial anxiety, there are ways to mitigate the pressure by picking up extra hours of seasonal work, planning ahead and setting a firm budget for gifts.
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