The holiday shopping season is fast approaching, and Canadians are keen to splurge on luxury goods and items.
This is according to PwC Canada’s Holiday Outlook report, which surveyed more than 1160 consumers across the Great White North to find out their shopping plans for the upcoming holiday season.
Overall, Canucks are expected to spend an average of $1420 during this peek shopping period, up 29 per cent (from $1104) as compared to 2020. Further, $669 of that amount will be spent on gifts (compared to $630 in 2020), the report says.
“It’s been a trying time for Canadians, with school closures, stay-at-home orders, and other restrictions,” says PwC Canada’s national consumer markets leader, Myles Gooding. “Canadians are yearning to treat themselves and are seeking enjoyable experiences.”
COVID-related safety measures continue to be top of mind for consumers, the report shows, with those who regularly or occasionally opt for curbside pickup jumping to 50 per cent from 33 per cent in 2020. Additionally, 52 per cent of respondents said they planned to do most of their shopping online.
“The data from the 2021 PwC Canada Holiday Outlook shows consumers plan to spend approximately half their holiday shopping time in physical stores,” Gooding says. “Retailers can benefit from differentiating themselves by creating exceptional in-store offerings that allow consumers to witness a seamless in-person and digital experience.”
As far as generational purchasing trends go, millennials are expected to splurge the most, with respondents in this age bracket budgeting $1618 on average (compared to $1452 for gen-Xers, $1372 for baby boomers, and $1178 for gen-Zers).
Likewise, younger shoppers are much more likely to be influenced by online and social media advertising, suggesting an increased need for ecommerce capabilities for jewellery retailers.
“Canadian retailers had to quickly adapt their business plans and accelerate their digital transformations over the last 18 months,” says Retail Council of Canada president and CEO, Diane Brisebois.
“Retailers have shown great resilience in the face of unforeseen challenges. At last, we see an economic rebound and retailers are prepared and now better positioned to tailor to the changing needs and behaviours of the Canadian consumer, from increased in-store holiday spending to home delivery or curbside pickup.”
To access the report, click here.
Big spenders anticipated this holiday season originally appeared via www.jewellerybusiness.com