Canadian consumers are expected to spend an average of $1,507 this holiday season, according to findings in PwC Canada's 2017 Holiday Outlook, with the majority going towards travel and gifts, and some for entertainment.
"Canadians are optimistic about the positive economic outlook and are confident about their spending habits," says Sonia Boisvert, Partner and National Retail and Consumer Leader at PwC Canada. She adds that PwC expects the biggest spending increase to come from Generation Z and Millennial parents."
For the majority of Canadians (62%), price is still the main factor when it comes to purchasing a gift, followed by promotion and deals (37%), and free shipping (35%). Canadians plan to carry out (62%) of their holiday shopping in-store while online shopping accounts for the remainder. For the online shopper, Amazon is the top choice this holiday season for Canadians: 77% planto shop at the online retailer. The report also highlights that almost half of Canadians (48%) will complete their holiday shopping after Black Friday, taking advantage of the sales and promotions.
"When it comes to shopping this holiday season, Canadian consumers still believe that price is king and they are looking for convenience in terms of how they shop," adds Boisvert. "The in-store experience is still important. Retailers need to make sure they have enough inventory in-store and online if they want to make the most of the busiest retail season of the year."
The report also finds that close to half of consumers (46%) are planning to buy physical gifts such as apparel, toys, personal electronics and alcohol. By contrast, Canadians (42%) would like to receive gift cards this holiday season.
Canadians consider Facebook to be the most influential (47%), followed by YouTube (29%) and Pinterest (26%). In addition, Canadians are more likely to make a purchase if a product is promoted by a social media influencer who taps into their core values, rather than undertaking an activity that's viewed as sponsored by a brand or corporation.