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Everything you wanted to know about holiday spending

Everything you need to know about holiday spending

This truly is the most wonderful time of the year – no more so than for Canadian businesses, big and small, which are poised to enjoy another busy holiday season.
In fact, according to recent data from Chase and PWC, Canadians will spend $1,543 each this holiday season. And it’s not just on Black Friday. Certainly the Friday after US Thanksgiving is a major revenue-generating weekend on our side of the border too – with about one-third of consumers taking advantage of Black Friday deals. But spending will continue well into the final hours of New Year’s Eve as Canadian shoppers stock up on everything they’ve been dreaming of.

What do Canadians want? Two words: gift cards
What are Canadian shoppers looking for? Nearly half of holiday spending is expected to go toward travel, with another 41% for gifts and 13% on entertainment. And if there’s one thing gift-givers and gift-receivers agree on, it’s this: everyone loves the ease and convenience of gift cards! In fact, 38% plan to give them and 43% want to receive them.

Shopping in-store? Or at home?
And, where once, it was all about elbowing crowds of holiday shoppers in-store, our habits are changing. Granted, nearly two-thirds (63%) of us will still take the plunge and battle for deals in person. But more than one-third (37%) will leisurely shop from the comfort of their computer, smartphone, tablet or a Smart Home device – like Google Home, Amazon Alexa or Apple HomePod. Perhaps nothing says the holidays these days than shopping with a hot cup of cocoa under a toasty blanket.
Need guidance and suggestions to take advantage of Canadian shoppers’ spending this holiday season and in the year ahead? A Meridian Small Business Advisor is always here to help move you closer to achieving your business goals. Contact one now

Also checkout this infographic for more information - download infographic