With the holiday season fast approaching, JLL Canada has released its annual Canada’s Holiday Shopping Survey Report, revealing a remarkable shift in Canadian holiday spending for 2024. The survey, which gathered data from 1,000 Canadians, shows that holiday budgets have climbed to an average of $971—marking a 32% increase from last year and the largest budget rise since 2019.
Despite this budget boost, nearly 90% of Canadians plan to hunt for deals to maximize their holiday funds, said JLL in a news release.
“We’re seeing a significant jump in holiday budgets this year and a trend towards shopping for the holidays ahead of Black Friday,” said Casdin Parr, Executive Vice President of Retail Advisory Services at JLL Canada. “This is the largest budget increase we’ve seen since pre-pandemic times, with Canadians indicating that shopping centres will be their primary holiday shopping destination.”
The report identifies several noteworthy trends this season:
- Shopping Centre Dominance: An impressive 99% of Canadians intend to visit shopping centres during the holidays, with 74% planning to make in-store purchases—signaling a clear preference for in-person shopping over purely digital alternatives.
- Increased Experience Spending: Canadians are also channeling more of their holiday budgets towards experiences, with spending on dining, travel, and recreational activities rising to 36% of the total budget, up from 30% last year.
- Gift Card Popularity: Gift cards continue to top holiday wish lists, with 78% of Canadians planning to purchase them as gifts.
- Social Media Usage Decline: Although social platforms have been key shopping resources in recent years, their influence is waning. Gen Z, in particular, shows a noticeable decrease in reliance on social channels like TikTok, which saw a 20% drop in usage for shopping decisions.
Another intriguing aspect of the report is the shift in shopping timelines, with 89% of Canadians planning to shop from November 1 through Black Friday, while others prefer the early December weeks leading up to Christmas. The average time Canadians spend in shopping centres this season is approximately 66 minutes, underscoring a continued preference for in-person holiday shopping, explained JLL.
Younger generations focus on financial savings
JLL’s survey also shows that younger generations are focusing more on financial savings this season. Nearly half of Gen Z shoppers (47%) are prioritizing savings, in contrast to just over one-third (37%) of Baby Boomers. This budget-conscious approach is noteworthy amidst a period of rising holiday expenditures.
“These findings underscore a clear shift in how Canadians are planning for the holidays this year,” Parr said. “Our data suggests that not only are budgets increasing, but there’s also an enthusiasm to invest in experiences and a renewed preference for in-store shopping. It’s an encouraging sign for retailers, and we’re looking forward to seeing how this trend unfolds through the season.”
Jones Lang LaSalle (JLL) is a global leader in commercial real estate and investment management, helping clients worldwide manage, occupy, and invest in property for over 200 years. It has operations in more than 80 countries and annual revenue of $20.8 billion.
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