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
Cargo ship had engine maintenance in port before Baltimore bridge collapse, officials say
The cargo ship that lost power and crashed into a bridge in Baltimore underwent 'routine engine maintenance' in port beforehand, the U.S. Coast Guard said Wednesday.
A Nigerian woman reviewed some tomato puree online. Now she faces jail
A Nigerian woman who wrote an online review of a can of tomato puree is facing imprisonment after its manufacturer accused her of making a “malicious allegation” that damaged its business.
Far North police 'dispatch' polar bear stalking schoolyard
Police and local hunters in an Ontario Far North First Nation community have “dispatched” a polar that was showing abnormal behaviour and treating the area as a hunting ground.
Donald Trump assails judge and his daughter after gag order in N.Y. hush-money criminal case
Donald Trump lashed out Wednesday at the New York judge who put him under a gag order that bars him from commenting publicly about witnesses, prosecutors, court staff and jurors in his upcoming hush-money criminal trial.
Families shocked after Niagara Falls hotel cancels bookings made year in advance of solar eclipse
After having the foresight to book their Niagara Falls hotel rooms more than a year in advance, several families planning to take in the solar eclipse next month were shocked to find out their reservations had been cancelled.
B.C. rescuers face 'high likelihood' of failure to reunite orphaned orca with pod
The race to reunite an orphaned orca calf that’s stuck in a shallow lagoon with a neighbouring pod has entered its fifth day, and a marine scientist says the clock is ticking.
Video shows police interrupting auto theft in progress outside Toronto home
New video footage obtained by CP24 shows the attempted theft of a vehicle in a North York driveway earlier this month that was ultimately interrupted by police.
Majority of Canadians believe in life after death: Angus Reid survey
A new survey from the Angus Reid Institute has found that a majority of Canadians believe in some form of life after death, a proportion that has held steady for decades.
MyPillow, owned by U.S. election denier Mike Lindell, formally evicted from Minnesota warehouse
A court ordered the eviction Wednesday of MyPillow from a suburban Minneapolis warehouse that it formerly used.