Debt will not slow spending over the holidays: survey
Posted November 2, 2013 1:47 pm.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – Canadians carry a lot of debt, but that shouldn’t slow the annual holiday shopping rush. Spending is expected to be up this year.
Nearly three-quarters of Canadians surveyed say they plan to start their holiday shopping earlier than previous years. They also told pollsters Deloitte Canada and Ernst & Young Canada they are more confident about their finances this year.
Spending is expected to increase at least 2% this holiday season, compared to last year, though it could be as much as 3.5% greater. The majority of spending is expected to be for things like gift cards, gadgets like smartphones and tablets, toys, clothing, books and jewelry.
The internet will be used as a reference guide for gifts and prices. How many actual purchases will be made online remains a question, and shopping habits will be watched closely by retailers.
Ernst & Young expects more than half of all Canadian shoppers to make at least one purchase online this holiday season.
