Canadians will spend $1,507 this holiday season

Canadian consumers will spend an average of $1,507 this holiday season, with the majority of their spending on travel and gifts, and the remaining amount for entertainment, finds a PwC Canada report.

“Canadians are optimistic about the positive economic outlook and confident about their spending habits,” says Sonia Boisvert, partner and national retail and consumer leader at PwC Canada, in a release. “We can expect the biggest spending increase to come from Generation Z and millennial parents.”

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For the majority of Canadians (62%), price is still the main factor when it comes to purchasing a gift, followed by promotions and deals (37%), and free shipping (35%).

Further, 62% of Canadians plan to carry out their holiday shopping in-store, while online shopping accounts for the remainder. For the online shopper, Amazon is the top choice this holiday season, with 77% planning to shop at the online retailer. The report also highlights that almost half of Canadians (48%) will complete their holiday shopping after Black Friday, taking advantage of the sales and promotions.

“The in-store experience is still important,” adds Boisvert. “Retailers need to make sure they have enough inventory in-store and online if they want to make the most of the busiest retail season of the year.”

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The report also finds 46% of consumers are planning to buy physical gifts such as apparel, toys, personal electronics and alcohol. By contrast, 42% would like to receive gift cards this holiday season.

Canadians considered Facebook to be the most influential (47%) social media platform when it came to affecting purchase behaviour, followed by YouTube (29%) and Pinterest (26%). In addition, Canadians are more likely to make a purchase if a product is promoted by a social media influencer who taps into their core values, rather than undertaking an activity that’s sponsored by a brand or corporation.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.