With Black Friday right around the corner, Canadians have started to plot out their gifts for their friends and family — but with inflation on the rise and interest rates climbing, how much are shoppers willing to spend during the holiday season? Well, according to an Ipsos poll for Global News, 52 per cent of Canadians said they will spend about the same as in other years, while 30 per cent revealed they will spend less than usual.
More than half of respondents — 57 per cent — said they are being more careful about their spending now than in past years. And 52 per cent acknowledged the rising costs of groceries and fuel, stating that they would rather spend more on basic necessities and would not have money left over to use on gifts.
Related: Women, young Canadians are most worried about the affordability of everyday things right now: poll.
Women, parents and young Canadians are the most worried about holiday spending
The poll found that 45 per cent of respondents are worried about affording presents for loved ones, with Canadians between 18 and 34 worrying the most (66 per cent were concerned with spending money on gifts). Women and parents are also worried about their holiday spending, with 49 per cent of women and 58 per cent of parents reporting that they feel concerned.
Related: Amazing gifts your best friend didn’t even know they wanted.
“Being concerned about celebrating the holidays with your family due to economic considerations shows you how far these concerns have percolated into the everyday lives of Canadians — and that’s got to be very concerning for all of us,” Darrell Bricker, CEO of Ipsos public affairs, told Global News.
“There’s a lot of things that are being worked into people’s calculations about how they’re going to celebrate in terms of gift giving this holiday season that in the last couple of years haven’t really been as present,” he said.
“What we’re seeing is that people are budgeting more tightly than they did in the past.”
While some gifts can be quite pricey, we’ve rounded up some great presents for less than $50 that might help give you some ideas for your family, your partner or your besties. And if you’re someone who would rather make a homemade gift, you can always write a nice card or whip up some Christmas cookies for a thoughtful and low-cost present.
You may also like: What to get someone you’ve just started dating.
