Deloitte Canada expects Canadians will spend 11 per cent less this holiday season than last year, amid concerns about a recession and their personal finances
This time last year, the retailer had planned on a relatively discount-light holiday season, expecting Canadian shoppers to start checking off their gift lists as early as September and October, as they had during the height of the COVID years. But instead, customers who were feeling the pain of inflation held out, waiting for sales to make sure they got the best price on those toys.
“We had a bit of a soft back-to-school season as well. So that’s another indicator of what’s to come for the holidays,” said Marty Weintraub, national retail consulting leader at Deloitte Canada. Suppliers and retailers both make smaller profit margins when offering deep discounts, Mr. Hlynsky said, but make up for it in dollar volumes when they are able to move products. “That’s the best way to solve a problem when everybody’s pinched,” he said.
Deals will be important to spur on shoppers who are paying more for the types of purchases they can’t avoid. Canadians are now spending almost 10 per cent more on essentials compared with a year ago, according to recent data from Royal Bank of Canada. As a consequence, people are cutting back where they can. RBC noted declines in both nominal retail sales and inflation-adjusted retail spending excluding auto, in September.
Each year, Hudson’s Bay kicks off its holiday season early with the autumn Bay Days sale, which just wrapped up at the end of October. This year, knowing shoppers are reticent, the retailer is also planning to advertise two-day sales throughout the season, putting individual items on deep discount for a limited time. One-day deals were a common holiday feature for Hudson’s Bay roughly a decade ago, but the stores are reviving the strategy this year.
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Retailers brace for drop in holiday spending as stretched Canadian consumers pull backDeloitte Canada expects Canadians will spend 11 per cent less this holiday season than last year, amid concerns about a recession and their personal finances
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