Retailers expecting Canadians to shop in droves this holiday seasons may need to think again.
New research from market research firm SAS suggests that, while the prevalence of Black Friday and Cyber Monday are on the rise, Canadians are planning to spend less this holiday season than the previous year, with 1 in 5 surveyed saying they will buy less.
The survey, which polled 3,458 consumers across the U.S., Canada, the UK, Australia and New Zealand indicated that Canadians are the ones most likely to watch their expenditures this year.
“As Black Friday and Cyber Monday play an increasingly big part in Canada’s sales calendar, retailers need to invest in the technology to ensure customers visit their stores and websites,” SAS said in a statement, explaining that a large motivator for the trend in 2015 is price.
Canadians are also being drawn away from the seasonal discount cycle, with 22 per cent saying they’re likely to shop on Black Friday, and 17 per cent on Cyber Monday, compared with 39 and 38 per cent respectively in the U.S.
SAS also suggests that despite the rise of online shopping, many still crave the brick and mortar experience, with 82 per cent of Canadians indicating they will shop in-store.
Furthermore, discount retailers topped the list for Canadians in places to shop, followed by specialty retailers and eTailers. The top gifts are gift cards, toys and games, and apparel.
