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Canadians' holiday spending expected to drop 11% this year: Deloitte

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Economic uncertainty and higher prices mean some households are making tough decisions about Canadians' holiday spending this year.

In fact, Deloitte is projecting spending in Canada to drop 11 per cent this year. The Deloitte survey also shows Canadians are worried about the future, with nearly half expecting the economy to weaken further in 2024.

"This year we're just basically going to see a hunkering down. So, we're going to spend less on gifts and also give fewer gifts to fewer people," Deloitte Canada National Retail Leader Marty Weintraub said.

Global's Nivrita Ganguly has the details.

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Category
U.S. & Canada
Tags
global news, holiday shopping, consumer
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