Canadian consumers will spend an average of CAD$1,507 this holiday season, with the majority of their spending focused on travel and gifts, and the remaining amount intended for entertainment, according to PwC Canada's 2017 Holiday Outlook.
PwC’s findings show that 80 per cent of Canadians plan to spend the same or more than last year. "Canadians are optimistic about the positive economic outlook and are confident about their spending habits. We can expect the biggest spending increase to come from Generation Z and millennial parents," says Sonia Boisvert, Partner and National Retail and Consumer Leader at PwC Canada.
Price is king
For the majority of Canadians (62 per cent), price is still the main factor when it comes to purchasing a gift, followed by promotion and deals (37 per cent), and free shipping (35 per cent). Canadians plan to carry out (62 per cent) of their holiday shopping in-store while online shopping accounts for the remainder.
"When it comes to shopping this holiday season, Canadian consumers still believe that price is king and they are looking for convenience in terms of how they shop," adds Boisvert. "The in-store experience is still important. 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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