As the cost of living rises, some Canadians are adjusting their holiday gift-giving plans and, when it comes to gift cards, they’re looking for options to use on necessities such as groceries and gas.
Conducted by: Givex, a cloud-based global customer engagement and business insights platform.
Methodology: An online survey conducted from October 27 to November 1 of 1,509 Canadians who are members of the Angus Reid Forum.
- 74% of respondents said inflation would impact their gift-giving plans (a year-over-year increase of nearly 9%).
- 20% said they planned on spending at least $200 on gift cards this holiday season (down from 27% in 2022).
- 43% said they would most like to receive a gift card for necessities (such as groceries and gas) this year, up slightly from 41% in 2022.
- 42% of respondents with an annual household income of more than $100,000 said they would like to receive a gift card for necessities as a gift, up from 35% in 2022.
- 48% of those with household incomes of less than $50,000 say they'd most like to receive a gift card for necessities as a gift.
- 37% of men said they would most like a gift card for necessities, compared to nearly half (48%) of women.
- 52% of younger people (aged 18-34) said they would most like to receive a gift card for necessities as a gift, compared to just over a third (35%) of those who are aged 55 and up.
"The impact of inflation has been felt by Canadians this year, with increasing costs of living across the board," said Mo Chaar, chief commercial officer at Givex, in a press release.
"As we gear up for one of the busiest times of the year for retailers and hospitality establishments, and with customers expected to spend less than in previous years, it's more important than ever for businesses to maintain customer loyalty,” he added.