Inflation affecting holiday shopping habits in Ottawa
Tis the season for some holiday magic at the Ottawa Christmas Market at Lansdowne.
"It’s so cute. It’s so nice; you can spend as much or as little money as you want going to these events," said Madison Lacoste, while taking in the twinkling lights and sipping on hot apple cider with her family.
As the festive season ramps up, so does the urge to spend and many Canadians are feeling the pinch.
"I would say food is a bigger issue at Christmas time just because more family will be home and you’re trying to make it as special as possible," Karen Baird said Sunday.
"I started shopping later as a result waiting to see my budget, and it’s December now so time to get going," said Samantha Moonsammy as she checked out the local vendors at the market.
A recent Nanos survey shows about 46 per cent of Canadians will spend about the same this holiday season, while 43 per cent will spend less and about 10 per cent will spend more than previous years.
"I think we’re seeing a lot more muted activity right now," said Moshe Lander, an economics professor at Concordia University.
"I don’t think the spending is there, especially when you add it to higher interest rates, trigger rates on mortgages and large amounts of debts that Canadians have."
These pressures, combined with the threat of a recession in 2023, have many adjusting their shopping habits this holiday season.
"Even for each other we're probably spending less on each other," said Tony Hendricks, adding he and his wife Michelle are choosing to be strategic when it comes to their shopping.
"We did limit what we spent on each other but we are going to make sure everybody has a good Christmas," Michelle said. "I’m looking for more deals I would say this year."
When it comes to gift giving, retail analyst Bruce Winder suggests looking for last minute sales and other alternatives.
"Making gifts for people or even buying something or even buying something used, unexpected or unique, it might help you save some money," Winder said.
CTVNews.ca Top Stories
Trudeau calls violence in Montreal 'appalling' as NATO protest continues
Anti-NATO protesters gathered again in Montreal on Saturday to demand Canada withdraw from the alliance, a day after a demonstration organized by different groups resulted in arrests, burned cars and shattered windows.
7 suspects, including 13-year-old, charged following 'violent' home invasion north of Toronto
Seven teenage suspects, including a 13-year-old, have been arrested following a targeted and “violent” home invasion in Vaughan on Friday, police say.
These vascular risks are strongly associated with severe stroke, researchers say
Many risk factors can lead to a stroke, but the magnitude of risk from some of these conditions or behaviours may have a stronger association with severe stroke compared with mild stroke, according to a new study.
Widow of Chinese businessman who was executed for murder can sell her Vancouver house, court rules
A murder in China and a civil lawsuit in B.C. have been preventing the sale of multiple Vancouver homes, but one of them could soon hit the market after a court ruling.
Cher 'shocked' to discover her legal name when she applied to change it
Cher recalls a curious interlude from her rich and many-chaptered history in her new book 'Cher: The Memoir, Part One.'
Black bear killed in self-defence after attack on dog-walker in Maple Ridge, B.C.
A black bear has died following a brawl with a man on a trail in Maple Ridge, B.C.
Retiring? Here's how to switch from saving for your golden years to spending
The last paycheque from a decades-long career arrives next Friday and the nest egg you built during those working years will now turn into a main source of income. It can be a jarring switch from saving for retirement to spending in retirement.
Canadian neurosurgeons seek six patients for Musk's Neuralink brain study
Canadian neurosurgeons in partnership with Elon Musk's Neuralink have regulatory approval to recruit six patients with paralysis willing to have a thousand electrode contacts in their brains.
Police thought this gnome looked out of place. Then they tested it for drugs
During a recent narcotics investigation, Dutch police said they found a garden gnome made of approximately two kilograms of MDMA.