Majority of Canadians plan to cut back spending ahead of the holiday season: Survey
BNN Bloomberg
Many Canadians are planning to spend less on non-essential items in order to have enough cash for the holiday season, according to a survey by Accenture.
In a report released on Tuesday, it found respondents are reducing their spending by cutting back on non-essentials (69 per cent), traveling less (63 per cent) and putting up fewer decorative lights to lower their utility bills (61 per cent).
Most Canadians are also planning to give less presents this holiday season, with 67 per cent cutting back on gift giving to family and friends, and 57 per cent not exchanging them at all.
“As we near the holiday season, consumers have tightened their wallets and are making adjustments to their everyday spending while finding new ways to boost their income,” said Robin Sahota, managing director and leader of retail practice in Canada at Accenture, in the press release.
