(Troy Media) – As people prepare for the Christmas shopping onslaught with Black Friday just around the corner, a survey released on Monday suggests the majority of Canadians will spend less on holiday gifts this year.
The survey by Equifax Canada said 55 per cent of Canadians will be keeping a tighter grip on their purses and their wallets.
The survey also found:
- Women were more likely to say they would be spending significantly less at 61 per cent versus 48 per cent of men.
- Canadians under the age of 55 were significantly more likely to agree they will limit their spending because they are already carrying too much debt, and they have a lot of anxiety about their current level of debt.
- Survey respondents between 35 and 44 had the most concern about current debt levels (58 per cent compared to 46 per cent for the general population) and the most anxiety (49 per cent compared to 39 per cent for the general population).
- The majority of people surveyed, however, are working towards being financially fit for the holidays with 58 per cent of them planning to prepare a holiday budget.
“These survey results illustrate that many people are feeling the pinch and plan to rein in their holiday purchases this year,” said Julie Kuzmic, Equifax Canada’s director of consumer advocacy, in a statement.
“If there’s a silver lining here, it’s the fact that most Canadians remain conscious of their debt obligations and want to avoid adding too much debt heading into the new year. This is not surprising, as we have seen higher interest rates impacting consumers over the last 18 months. Bankruptcies have also jumped significantly and even credit card spending growth has tailed off in 2019.”