By Valeriia Brusianina
As the holiday season approaches, many Seneca students have turned their attention and wallets to Christmas – and there is a surprising contrast in how much they are ready to spend, mirroring conflicting forecasts between two surveys.
The 2024 Holiday Shopping Retail Outlook by Deloitte Canada based on a survey of more than 1,000 consumers found Canadians plan to spend $1,478 for the holiday season, which is 10 percent more – or $131 more – than last year when spending reached a five-year low.
Hanna To, Library Technician student at Seneca, says she will spend more this holiday season thanks to the two part-time jobs she has taken on.
“This year I wanna dive into the Christmas spirit and a part of it is buying presents for my boyfriend and friends”.
Inflation, which has cooled to 1.6 per cent, is the key driver of why Canadians anticipate spending more this holiday season, experts say.
The survey also found more Canadians plan to be charitable this holiday season with donations up 35 per cent. Travel spending is also expected to jump 20 per cent as more people say they plan to be away over the Christmas holidays.
Broadcasting student, Robert Punsalan, said he is going to the Philippines and Japan for holidays.
“I am going to spend quite a lot, especially with my traveling plans – definitely more than last year”.
According to the survey, many Canadians will do their holiday shopping online, with 71 per cent of respondents buying items through Amazon – though the online retailer is getting some added competition – 14 per cent of shoppers plan to use Temu, Shein and Alibaba.
However, the BMO tells a different story – 80% of Canadians intend to cut back, prioritizing needs over wants amid economic pressures. It also says more than half are feeling financial anxiety over holiday spending, and almost a quarter are feeling uncertain they will be able to pay off holiday bills on time.
“Faced with higher living costs and a rising unemployment rate, it’s no surprise that many Canadians are planning to scale back their holiday spending plans this year,” says Sal Guatieri, a senior economist at BMO.
Acting student, Tavani Heide, agrees with the BMO survey, stating she will try to spend as little as possible for the holiday season mainly because of inflation.
According to the survey, Canadians plan on spending almost $2,000 this holiday season, with the majority of the spending on travel ($1,802), followed by holiday gifts ($519) and entertaining, decorations, and other holiday expenses.
Despite the differences, both surveys agree on one thing: people in the country are getting creative with their holiday spendings, and Seneca students are no exception. Whether it’s hunting for deals, leveraging loyalty programs, or embracing second-hand and DIY gifts, shoppers are finding innovative ways to celebrate without overspending.
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