Gen Z plans to fund holiday shopping with credit cards, survey shows
Global News
This year, 40 per cent of Canadians aged 18-34 are planning on spending more on holiday shopping this year than they did last year, a new survey shows.
Most Gen Z and younger millennials are leaning on credit cards to do their holiday shopping this year, according to new survey from Chartered Professional Accountants Canada (CPA Canada).
This year, 40 per cent of Canadians aged 18-34 are planning on spending more on holiday shopping than they did last year and 58 per cent said they plan to dip into their credit cards for what they do plan to spend.
More than half (56 per cent) also say they’re feeling more stressed about holiday spending than they did last year.
“This suggests that many younger Canadians are feeling the pressure to spend, even if that means stretching their budgets a little too far,” says Li Zhang, CPA Canada’s financial literacy leader.
Baby Boomers, however, appear to be more cautious about holiday spending.
Around two-thirds (68 per cent) of Canadians aged 55 or older said they plan to maintain what they spent last year and 70 per cent said they’ll rely on savings and regular income rather than credit to cover their holiday costs.
The top expense most Canadians anticipate this holiday season is presents, with 66 per cent listing it as the top priority going into the holidays.
The survey estimated that the average size of the holiday gift budget is $661 this year.
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