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    Canadians approach holiday season with optimism; Gen X and Gen Z will lead the increase in spending

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    • 76% of respondents expect to spend the same or more this year than in 2022

    • Gen X and Gen Z will lead the spending surge, increasing by 29% and 26% respectively.

    • One in four (25%) Gen Z and Millennial consumers will use emerging retail technologies such as virtual reality/augmented reality/AI for holiday shopping.

    Toronto, November 6, 2023 /CNW/ – Despite economic uncertainty, Canadian consumers are preparing for the 2023 holiday season with some resilience and determination, according to a recent survey conducted by PwC Canada. proceeding.This year’s edition PwC’s Canadian holiday outlook It was revealed that 76% of respondents plan to maintain or increase their holiday spending compared to the previous year.

    In terms of generational spending trends, average expected spending per Canadian consumer is expected to increase by 13% year over year. Generations X and Z are leading the way in spending, with increases of 29% and 26%, while Millennials and Baby Boomers expect a slower increase (3%).

    “Canadians are heading into the holiday season with optimism. Our research reveals shifting spending patterns across generations. These changes will help Canadian consumers navigate an evolving economic landscape. reflects our resilience and adaptability.” Miles GoodingDomestic Consumer Market Leader and Global Consumer Market Advisory Leader for PwC Canada.

    Canadians have traveled and are moving again. Average travel spending by Canadians this year is expected to be the highest since 2019. This increase was primarily due to planned travel spending, which increased by 31%. Canada Consumers are resuming pre-pandemic travel patterns, spending holidays with friends and family while also satisfying pent-up demand for international travel.

    Post-pandemic shopping trends: With coronavirus and safety concerns not top of mind, in-store shopping is back, with 63% of consumers planning to shop in-store, especially for gift ideas. I am. Online marketplaces, especially Amazon, are expected to continue to dominate e-commerce, with 91% of respondents planning to shop on this platform.

    New retail technology to enhance your shopping experience: According to PwC 26th Global CEO Survey, almost 40% of top executives believe their organization may not exist in 10 years. Reinventing your business is key to staying viable in the long term, especially with the increasing demand for bespoke shopping experiences. Shoppers of all ages are looking for knowledgeable in-store associates who use new retail technology and digital tools to make better product recommendations. His 25% of Gen Z and Millennial consumers said they would use emerging technologies such as virtual reality, augmented reality, the Metaverse, and artificial intelligence (AI) in their holiday shopping. These technologies present powerful opportunities for retailers, including helping online shoppers select accurate apparel sizes and reducing the number of returned items.

    Choose your brand with purpose: Consumers are choosing brands that help create value for their communities. Nearly nine in 10 (89%) said a desire to support local businesses factored into their holiday purchasing decisions. Additionally, 83% said they want retailers to prioritize having a positive economic and social impact on the communities in which they and their suppliers operate.

    In the evolving landscape of consumer behavior, Canada’s consumer industry is at a critical juncture. As resilient optimism drives holiday spending, retailers are being asked to prioritize cost-conscious strategies and adopt innovative in-store experiences to meet changing consumer demands post-pandemic. .

    For more information on retail trends and the outlook for Canadian holidays, access our detailed report. here.

    About the survey:

    PwC Canada has created its 2023 Holiday Spending Forecast to help retailers navigate an uneven economic recovery and provide insight into consumer sentiment to meet the needs of a new consumer profile. The survey was conducted from: July 24th – August 16th, 2023, gathers insights from 1,000 Canadian consumers. This sample is representative of the Canadian population in terms of age, gender, province, and income.

    About PwC Canada:

    PwC’s purpose is to build public trust and solve important problems. His more than 9,000 partners and staff in offices nationwide are committed to providing quality service in assurance, tax, consulting and transactional services. PwC refers to our Canadian member firms and may also refer to the PwC network. Each member firm is a separate legal entity.please refer to www.pwc.com/ Structure For more information. For more information, please visit: http://www.pwc.com/ca

    © 2023 PricewaterhouseCoopers LLP, Ontario Limited Liability Partnership. All rights reserved.

    SOURCE PwC Management Services LP

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    View original content: http://www.newswire.ca/en/releases/archive/April2023/06/c1937.html

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