Inflation is weighing more than ever on household budgets this Christmas. says a survey by HelloSafe, a platform for comparing financial products) in Canada.
The results of a survey of 821 people studies how purchasing behaviours have changed this year given general price increases.
Here are some key results of it:
- 74% of Ontarians say they will change their Christmas purchase intentions because of inflation
- 50.5% of survey respondents plan to spend less money than last year on Christmas
- Ontarians' gifts budget should average $503 per household this year
- To cope with inflation, 33% of Ontarians plan to give fewer gifts this year.
While 37.4% say they plan to spend roughly the same amount as last year, 50.5% of them say they want to spend less.
The average budget allocated by Ontarians for Christmas gifts is $503 per family, which is the highest budget among all Canadian provinces - the national average being $444 per household.
And 74% of Ontarians answered "yes" to the question "Will inflation have an impact on your Christmas purchases this year?". This is a sign that inflation will weigh heavily on purchasing behaviour. We observed this trend across Canada's most populous provinces:
People were asked what behaviour they would adopt (or not) to face inflation. It appears that only 21.2% of Ontarians do not plan to change their buying habits for Christmas 2022. For the rest of our respondents:
- 33.3% of Ontarians say they plan to give fewer gifts for Christmas this year
- 30.3% of our respondents consider giving less expensive gifts
- 4% of Ontarians could opt for second-hand gifts
- Finally, 11.1% of Ontarians will consider travelling less for the holidays to save money.
