Halloween isn’t even here yet, but many shoppers have turned their attention and their wallets to Christmas.
Many stores have already stocked up for the holidays, and despite inflation, shoppers don’t seem to mind. In fact, some say they plan to spend the same or even more this holiday season.
Data from Deloitte Canada indicates that holiday spending is expected to increase by 10 per cent from last year, with the average shopper spending around $1,400.
“One of the main reasons why spending is going up this year is because things just cost more,” said Marty Weintraub, a partner and National Retail Leader with Deloitte Canada. “So it doesn’t necessarily mean people are going to get more. They have to spend more to get the same amount of products and services.”
However, spending might not really start until later in the season. Due to inflation, most Canadians will be hunting for the best deals.
“Black Friday will be a very big shopping moment,” said Weintraub. “And it’s not just the one day but the whole Black Friday period until Christmas Eve. That’s going to account for about 67 per cent of all that’s spent.”
Deloitte Canada predicts that 43 per cent of total holiday spending will be done online, meaning that stores without an online presence will be at a disadvantage this holiday season.
“Black Friday itself is such a big shopping occasion that up to 70 per cent of Black Friday and Cyber Monday spending will be done online,” added Weintraub. “So even higher than the rest of the season.”