Is your business ready for the holiday rush? According to the Holiday Shopping Survey from the Retail Council of Canada (RCC), Canadians are expected to spend an average of $898 this holiday season. Even capturing some of the 90 percent of Canadians who intend to shop for the winter holidays could be a boon to your business.
“Even with prevailing financial concerns on Canadians’ minds, the desire to connect with loved ones and shop and share gifts and experiences remains undeterred,” said Diane J. Brisebois, President and CEO of Retail Council of Canada, in a release.
“Retailers across the nation recognize these needs and will be providing Canadians with unique holiday shopping experiences, bolstered by exceptional products and engaging value-added promotions,” she said.
According to the holiday shopping survey, Canadians predict they will spend an average of $898 during the holidays, with 80 percent earmarked for gift-giving. That’s up significantly from last year’s estimated $782 spend. British Columbia residents specifically are expected to spend around $860.
Local and budget-conscious shopping
While shoppers are anticipating record spending this year, they will be keeping a keen eye out for deals. According to the survey, 88 percent of Canadians are proactive about their holiday shopping by hunting for sales (52 percent,) preparing in advance (41 percent,) and following a budget (40 percent.)
According to the survey, shoppers are eager to support local businesses this holiday season, with 82 percent of Canadians saying it’s important for them, up from 74 percent last year.
Tips for businesses
Based on survey results, to make the most out of the holiday season and respond to how Canadians plan to shop this holiday season, businesses can:
- Offer gift cards (45 percent of shoppers are leaning towards getting gift cards for others)
- Run holiday sales (offer free shipping, in-store exclusives, and distinct online promotions)
- Embrace shopping holidays (growing numbers of Canadians are delaying significant purchases, so use Black Friday, Cyber Monday, and Boxing Day deals to capture customers)
For more information about preparing your business for the holidays, visit the Small Business BC Holiday Prep Portal.
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