Holiday spending in Canada expected to fall amid interest rates, worry of recession

With the holiday season around the corner, Deloitte's 2022 retail holiday outlook forecasts a 17 per cent drop in spending, in part due to rising interest rates and households worried about a potential recession. Global's Anne Gaviola speaks with Brett Chang of The Peak Daily Podcast. He says the survey is a good barometer whether we're in a recession and it shows people are starting to feel the impact with families adjusting their budgets.

Canada's two biggest grocers, Loblaw and Metro, are fighting to keep customers by planning to freeze prices on certain items. Loblaw will be pausing prices on all No Name items, while Metro says it's not accepting cost increases from suppliers over a three-month period. Chang talks about whether it is a public relations move.

And Canada ranked eighth recently in a category of millionaires not often talked about: centi-millionaires, people who have US$100 million or more in investible assets.

For more top business and tech news, visit The Peak Daily at https://readthepeak.com/shows/the-peak-daily

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