Nearly Half of Canadians Plan to Spend Less This Holiday Season amid Low Consumer Spending
Canada’s small businesses are looking to their communities to bring on some much-needed holiday cheer this Small Business Saturday® as a record share (53%) face weak consumer demand heading into the all-important holiday shopping season.
This year, Small Business Saturday takes place on November 30, the day after Black Friday. The annual celebration, presented by CFIB, encourages consumers to shop intentionally to support their local economies.
“It’s been a tough year for small businesses across Canada, but we have a chance for a strong finish as the crucial holiday shopping season kicks off,” said Ryan Mallough, CFIB’s vice-president of legislative affairs. “Where you shop can make a real difference. For every dollar you spend at a small business, 66 cents stays in the local economy. It’s not just a win for the business, it’s a win for the whole community.”
A recent public opinion poll conducted by Angus Reid Group revealed that 26% of Canadians plan to do most of their holiday shopping in-store this year, while 34% will do the majority online. With half (48%) of small businesses finding it harder to compete with the rise of online giants, it’s more important than ever to support local businesses.
The Angus Reid study also found that 46% of Canadians plan to spend less for the holidays than last year, while only 8% will spend more. On average, Canadians plan to spend about $900 during the holiday season, most of which ($544 on average) will be on gifts for others.
“Small Business Saturday is an amazing opportunity to find the perfect gift at a great price, as many businesses will be offering sales and special offers this weekend,” Mallough added. “This weekend is a great chance to explore your local businesses.”
Visit SmallBusinessEveryDay.ca for more information about Small Business Saturday, including free tools and resources.
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