A chilling reality is settling over Canadian households this holiday season: nearly eight in ten Canadians – 78% – will feel the squeeze of inflation on their festive spending.
The numbers paint a stark picture. Over a third, 37%, are actively planning to cut back, bracing for a leaner holiday than anticipated. For most of those tightening their belts, the first casualty will be gifts, with four out of five intending to reduce their spending in that area.
Beyond presents, Canadians are preparing to scale back on other holiday staples. More than half – 56% – expect to spend less on retail purchases, while nearly half will trim dining (48%) and entertainment (45%) budgets.
The pressure isn’t just about affording the extras; it’s about juggling the joy of the season with the necessities of daily life. A significant 43% of Canadians are worried about balancing holiday costs with their regular expenses.
This financial anxiety is particularly acute among younger generations. Gen Z (53%) and Millennials (48%) express the highest levels of concern about this balancing act, significantly outpacing Baby Boomers (34%).
Adding to the stress, a substantial 28% of Canadians lack confidence in their ability to handle an unexpected expense. This vulnerability is even more pronounced among younger demographics, with 53% of Gen Z and 48% of Millennials sharing this worry.
The findings, gathered from a recent poll of 1,511 Canadians, reveal a widespread sense of financial unease as the holidays approach. The margin of error for this poll is 2.5%, 19 times out of 20.
