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Inflation cutting into holiday spending for Canadians

A number of Canadians are looking forward to the holiday season this year but they might be spending a little less because of the inflation and increased cost of living that we have seen in recent years.

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Inflation has prompted many Canadians to see an increase in the cost of living, from food to rent and more, it has become increasingly difficult for those on a fixed income or low wage to absorb these changes. Many Canadians have been going to food banks because they cannot afford the food prices these days. Food banks have seen record-breaking visits.

With the pain and suffering that inflation has inflicted upon so many it cannot come as much surprise that Canadians would be looking to spend less this year during the holiday season.

A lot can go into getting ready for the holiday season, especially if you are having guests or family over and are planning on putting on some sort of dinner or celebration.

The costs can quickly add up for decorations, food, drinks, and presents etc. As well as other small costs that you might find in-between while preparing for the holidays. Inflation cutting into the budgets of many can only mean one thing and that is reassessing priorities, buying a lot of holiday gifts might not be high on the list.

Some Canadians plan on spending less this holiday season

According to one recent survey it looks like about half of Canadians are planning on spending less this year.

A number of Canadians feel worse off this year than they were last year and so that is a clear motivation for them to try to stay away from spending what they don’t have during the holiday season.

The malls have still been crowded though with holiday shoppers looking for a deal and trying to save money while preparing for the holiday season.

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Previous surveys on the topic of Christmas have also shared some insight on how many feel that the holiday has somewhat lost its meaning, that it has become more about giving gifts than anything else. It has been too commercialized and there is a lot of pressure to spend.

With inflation pushing the price of gifts and dinners up, among other things, we can expect that many Canadians are going to be turning to community resources like food banks this holiday season to try and supplement their needs.

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