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
'A step forward': New screening criteria for sperm donors takes effect
Canadians looking to grow their families with the assistance of sperm or egg donations should soon have more options for donors as the federal health agency does away with longstanding restrictions criticized as discriminatory.
What is whooping cough and should Canadians be concerned as Europe declares outbreak?
There is currently a whooping cough epidemic in Europe, with 10 times as many cases compared to the previous two years. While an outbreak has not been declared nationwide in Canada, whooping cough is regularly detected in the country.
Ontario Provincial Police arrest 64 suspects in child sexual exploitation investigation
Ontario Provincial Police say 64 suspects are facing a combined 348 charges in connection with a series of child sexual exploitation investigations that spanned the province.
'Summer of discontent': Federal unions vow to fight new 3-day a week office mandate
Federal unions are launching legal challenges and encouraging public sector workers to file "tens of thousands" of grievances over the new mandate requiring federal workers to return to the office at least three days a week in the fall.
Pfizer agrees to settle more than 10K lawsuits over Zantac cancer risk: Bloomberg News
Pfizer has agreed to settle more than 10,000 lawsuits about cancer risks related to the now discontinued heartburn drug Zantac, Bloomberg News reported on Wednesday, citing people familiar with the deal.
Watch fighter jet pilots pummel fake enemy ship off coast of Philippines
The United States and Philippines held annual joint-training drills just off the Southeast Asian nation’s western coast on Wednesday. Military forces sunk a 'mock' enemy warship – the BRP Lake Caliraya, which was a decommissioned tanker made in China.
U.S. presidential candidate RFK Jr. had a brain worm, has recovered, campaign says
Independent U.S. presidential candidate Robert F. Kennedy Jr. had a parasite in his head more than a decade ago, but has fully recovered, his campaign said, after the New York Times reported about the ailment.
'Ozempic babies': Reports of surprise pregnancies raise new questions about weight loss drugs
Numerous women have shared stories of 'Ozempic babies' on social media. But the joy some experience in discovering pregnancies may come with anxiety about the unknowns.
Rookie goalie Arturs Silovs to start for Canucks in Game 1 vs. Oilers
Rookie goalie Arturs Silovs will start in net for the Canucks as Vancouver kicks off a second-round series against the Edmonton Oilers Wednesday night.