Canadians scaling back on spending this holiday season, poll finds

Zach Johnson is getting a head start on his Christmas shopping, purchasing a gaming headset for his brother.

However, outside of loved ones, the university student is cutting down on gift spending this holiday season.

"No gifts for friends, just family," he said. "Now that I'm older I have to worry about bills.”

He's not the only one. A recent survey by Paypal Canada found about half of those surveyed admit they will be making financial cutbacks this holiday season to keep budgets under control. 

"Nearly three out of five Canadian respondents, so 57 per cent, feel anxious that the holidays won't be as good this year due to the cost-of-living crisis," Paypal Canada spokesperson Sandie Benitah said. "After two years of coming out of the pandemic, where we had to scale back holiday celebrations, here we are again scaling back for other reasons."

Limiting travel plans, scaling back on gift giving, having a spending cap and entertaining fewer people are ways Canadians will trim holiday spending, according to the survey.

The poll also found 66 per cent of Canadians are not asking for financial help from family and friends because they believe others are struggling financially too and 52 per cent don't want others to worry. 

"I don't know what I'll do this year because I have a big family," Caius Cartmill-Mccrea said.

While some think it over, others looking forward to holiday traditions.

"We are going to have a party at my husband's sister's house," Sara Carrillo said. "Less gifts and more memories."