Canadians anticipate spending more money on groceries this holiday season: survey

More than half of Canadians expect to spend more money on groceries this holiday season.

Givex’s 2024 Holiday Survey found that 57% of consumers anticipate higher food costs this year. 

Canadians plan to spend an average of around $200 on dining over the holidays, and 39% will seek out dining options that offer promotions.

Seventy six per cent say they anticipate spending less on dining out.

READ: Canadians turn to sales, coupons as food affordability remains top concern

When it comes to holiday shopping, the majority of consumers (72%) surveyed agree inflation has impacted their gift-giving plans. 

Younger Canadians are feeling the impact of inflation more acutely, with 78% of those aged 18 to 34 and 77% of those aged 35 to 54 agreeing that inflation has affected their gift-giving plans.

Seventy six per cent expect to spend less this year compared to last. 

Despite financial pressures, Canadians are expected to spend an average of $750 on non-essential items such as dining, gifts, travel, charitable donations and entertainment expected over the holiday season. 

Givex’s survey found Canadians plan to spend an average of $290 on gifts, with 30% planning to spend $400 or more. Twenty eight per cent of Canadians plan to spend at least $200 or more on gift cards.

About one-quarter of Canadians (23%) are making holiday gift-buying decisions based on loyalty programs and rewards points.

Only 18% plan to complete most of their holiday shopping on Black Friday this year.