Almost three out of four British Columbians are likely to reduce their holiday spending because of rising living costs and a third said they cannot afford to buy gifts for their loved ones.
These findings among others emerge from Spring Financial’s 2023 holiday survey. The online survey conducted between Nov. 3-6 also found that more than half of British Columbians (56 per cent) report feeling worried about their finances this holiday season and 41 per cent said they are stressing more about purchasing holiday gifts than last year.
Just over six out of 10 British Columbians agree that inflation has impacted their gift-giving plans this holiday season, with 51 per cent saying they are planning to spend less this year and nine per cent planning not to give gifts at all.
More than half of British Columbians (53 per cent) say they will consider alternative gift-giving practices, such as homemade gifts or experiences, this year due to rising costs.
Seven per cent will take out a loan or credit for their holiday shopping this year.
Tyler Thielmann, president and chief executive officer of Spring Financial, said the figures show a clear shift shift in consumer spending as a result of inflation and uncertain economic conditions.
“It is no surprise that this has trickled into holiday spending,” Thielmann said. “Our Holiday Survey data reveals that although spending hasn’t reached a complete halt, Canadians are getting scrappy with how they are spending their hard-earned dollars.”