Canadians plan to spend 32% more than last year and nearly 90% are looking for holiday deals

TORONTO, Nov. 14, 2024 /CNW/ - JLL released today its annual Canada's Holiday Shopping Survey Report, unveiling national trends and shopper behaviours for the 2024 holiday season.

Holiday budgets are on the rise as Canadians plan to spend 32% more than last year with an average budget of $971 dedicated to gifts and holiday goods, the most significant increase since 2019. At the same time, nearly 90% are deal seeking this season as part of their holiday shopping strategy.

The most popular shopping periods this year are the weeks leading up to Black Friday, with 89% of Canadians shopping between November 1 through November 28, followed by the weeks between December 3 through December 20.

"We're seeing a significant jump in holiday budgets this year and a trend towards shopping for the holidays ahead of Black Friday deals," said Casdin Parr, Executive Vice President of Retail Advisory Services, JLL Canada. "This is the largest budget increase we've seen since pre-pandemic times, with Canadians indicating that shopping centres will be their primary holiday shopping destination."

2024 shopping preferences:

• 99% of Canadians are planning to visit a shopping centre during the holiday season, up from 95% last year

• When it comes to making holiday purchases, shopping centres remain the preferred option, with 74% of Canadians planning to shop in-store. Online purchases from internet platforms follow closely behind at 70%

• Average dwell time per shopping centre visit is 66 minutes

• Canadians are also planning to spend more on experiences such as dining, travel and recreation, as the budget share for experiences has increased to 36% this year, up from 30% last year

• Gift cards continue to be the most popular gift this year, with 78% of Canadians planning to purchase gift cards for those on their holiday list

• With the exception of YouTube, social platforms have experienced a decline in use for shopping decisions this year. Notably, Gen Z shoppers are turning less to social media for holiday shopping decisions, with TikTok seeing the largest drop by 20 percentage points

• Younger generations are more likely to prioritize saving this year with nearly half of Gen Z, 47% choosing to save, compared to just over one-third of Baby Boomers at 37%

Methodology

Canada's Holiday Shopping Survey Report surveyed 1,000 online respondents throughout Canada across gender, age, ethnicity, language, education, income, employment status, and province. The survey was conducted in English, October 17-22, 2024.