What Canadians Need To Know Regarding Holiday Shopping
So, you are thinking about starting your Christmas shopping. Well, we all know that Canadians love the holidays and part of the celebration is finding the perfect gift. However, before you start you might want to check our previous blog: Summer: A Great Time To Think About Christmas.
There’s no doubt about it. This year is going to be quite different.
We can all agree that 2020 put our families’ lives on hold. With our world economy on pause it has put incredible pressure on our personal budgets.
I think I can safely say that Canadian Christmas shopping patterns from 2019 will be a very different this year. Let’s take a look at Canadian shopping statistics from last year. This will help us navigate this year’s COVID Christmas.
How Canadians Spend?
In 2019 Canadians spent on average $1,593 on the holidays. Above represents what our spending patterns were in 2019.
There are two key metrics for Christmas 2020 which merchants will be keenly watching:
- First, how confident do Canadians feel about the present state of the economy?
- Second, what is the state of their personal finances?
In 2019, only 16% of Canadians were confident in the economy and only 25% satisfied with their personal finances. Considering what we’re going now, I think we can all agree that, for the majority of us, our spending will be much less than in a normal year.
In Store or Online?
Most Canadians will continue to shop a similar pattern as last year. That said, it breaks down to 41% of us shopping online with the remaining 59% in-store. Shopping online has continued to grow and our smart phones and tablets do most work now.
Here is how Canadian shopping dollars are spent:
- $1,053 Online shopping
- $1,337 In-store shopping
- $1,726 Both in-store and online shopping
Online shopping is certainly convenient, but it seems that many still love the in-store shopping experience. Overall 39% of us love to make shopping an event (for Millennials this is 47%) often including eating out or shopping with friends as part of the celebration.
So, it is safe to say that Canadians love using smart technology to shop online. Still, with COVID, at least for this year, we may lessen going out to stores. But, whether you shop online or in the stores, remember to stop and enjoy the sounds and sights of what makes Christmas so magical.