Although the majority of Canadians do not plan to cut gifts this year, surveys show that holiday spending habits have changed somewhat because of the COVID-19 pandemic.
According to a recent survey by Equifax Canada, 58% of respondents said they would spend the same amount on holiday gifts as last year, with only 4% planning to spend more.
Only 33% of Canadians surveyed said they plan to spend less on gifts this year.
“Despite COVID-19, people still have a good level of optimism when preparing for the holiday season,” said Rebecca Oakes, assistant vice president of Equifax Canada’s Advanced Analytics team, in a press release.
According to Equifax, credit card usage remained low with a 10% decrease compared to Q2 and Q3 2019.
But consumer spending rebounded back to pre-COVID levels in Q3. The holidays will boost card usage in Q4.
The September online survey, polling 1,539 Canadians using Leger’s online dashboard, found that 6 out of 10 Canadians viewed the financial impact of the pandemic in a more positive direction, with nearly half (45%) expecting their household finances to stabilize over the next six months.
Similarly, Professional Accountants Canada’s Annual Vacation Expenditures Study (CPA Canada) found that 37% of holiday shoppers spent money on gifts in 2020 – just less than 2%. compared to those who are budgeting for gift giving in 2019.
The CPA survey found that while 29% of shoppers plan to spend less this year due to the pandemic, Canadians still intend to spend an average of $ 588 this holiday season, slightly higher. compared to $ 583 reported in 2019.
This content is also available in: Tiếng Việt