Canadians are upbeat heading into the holidays with robust savings, low unemployment and high vaccination rates allowing for celebrations. New retail surveys expect a return to consumer spending and in-person shopping.
Accenture Canada believes Canadians will spend an average of $635 in 2021, an increase of $119 or more than 23 per cent compared with 2020, Accenture found.
In their 2021 Holiday Retail Outlook Deloitte Canada suggests spending could be even higher. The report found Canadians are expected to spend an estimated $1,841 on the holidays, an increase of 31 per cent compared with 2020 and eight per cent above 2019.
The even better news is that JLL Canada’s 2021 Retail Holiday Survey found that not only will they spend more but 85% of consumers will return to retail shopping!
The importance of Black Friday and Cyber Monday have started to fade as stores offer more year around deals. Consumers plan to shop early to avoid supply chain issues.