Canadians expected to spend more money this holiday season
Now that Thanksgiving and Halloween are over, it's officially time to start thinking about the holidays.
In addition to hearing Michael Buble over the radio at nearly every retail outlet in every mall in the country, people may want to start their holiday shopping in an effort to get it out of the way early.
According to a recent survey, Canadians are projected to spend an average of $1,593 this holiday season--an increase of 1.9 per cent from last year.
The study found that eight out of 10 Canadians plan to spend the same amount or more this season. Most people will spend the majority of money on family--$869, followed by themselves--$537, then their friends--$118, then their pets--$40, and lastly others--$29.
Part of the reason people plan to spend more this season is due to the fact they feel more positive about their personal finances--25 per cent of people have said they feel better about their finances this year than they did last year.
“Retailers can expect a busy holiday season as Canadians continue to feel positive about the state of their personal finances,” Myles Gooding, national retail leader for PwC Canada, said in a news release.
The most popular time for holiday shopping is early November, due to the plethora of deals available, including those on Black Friday. Thirty-eight per cent of Canadians believe Black Friday is the best time of the year to buy holiday gifts.
While Canadians will spend 41 per cent of their shopping time online--an increase of four per cent compared to last year--the majority of their shopping time--59 per cent--will be spent in actual stores.
“Canadians across the country and in different age groups will take advantage of deals offered in-store and online, creating a unique holiday shopping experience," Gooding added.