Changing Trends in Holiday Shopping
As the holiday shopping season approaches, Canadians are redefining their spending habits. A recent survey by JLL reveals that shoppers plan to spend an average of $1,646 this year on gifts, experiences, and staples like food and decorations. This trend reflects an 8% increase in holiday spending compared to the previous year, showcasing a notable shift towards experiential purchases rather than traditional gifts.
Experiences Take Center Stage
More Canadians are prioritizing experiences over material gifts this holiday season. The survey indicates that individuals are focusing more on creating memories rather than buying tangible items. For instance, shopping centers are expected to be a key destination, with a staggering 90% of respondents confirming they will visit at least once this season.
Paul Ferreira's Insights on the Shift
According to Paul Ferreira, Senior Vice President of Retail at JLL Canada, the nature of holiday shopping is undergoing a transformation. He stated, "Holiday errands are turning into holiday outings with shopping centres being the focal point. With experience budgets rising and gift spending tightening, shoppers are engaging with centres more intentionally, combining shopping, dining, and entertainment in each visit." This reflects the growing importance of the shopping experience.
Self-Gifting on the Rise
This season marks a significant rise in self-gifting, with 56% of Canadians indicating they will indulge themselves with new clothing and shoes. Interestingly, this trend has increased by 7% since last year, whereas the percentage of gift-giving to others has dipped by 3%. This signifies a shift where personal gratification is gaining precedence over traditional gift-giving.
Experiential Purchases Flourishing
Experiences now account for 39% of the holiday budget, reflecting a 17% increase from the last year. Canadians are showing a marked preference for dining out, entertainment, and seasonal activities over purchasing physical gifts. This trend represents a broader cultural transition towards enjoying life experiences.
Changes in Spending Categories
Alongside experiences, spending on non-gift goods, such as food and decorations, has surged by 19% compared to last year, making it the category with the most significant growth among holiday expenditures. This increase highlights a growing focus on enhancing the home environment and indulging oneself during the festive season.
How Canadians Plan to Celebrate the Holidays
Further insights from the survey reveal that nearly two-thirds (64%) of Canadians intend to shop at shopping centres. Additionally, a large 87% plan to dine out at restaurants, with nearly half planning to do so multiple times during the season. Movie-going and travel plans are also on the rise, with 60% of respondents indicating plans to catch a show and 45% planning hotel stays.
Impact of Black Friday on Holiday Spending
Another interesting trend is the persistence of Black Friday as a crucial shopping day. The survey found that 78% of Canadians intend to shop during this peak period, with 31% identifying it as their biggest spending day. This indicates that despite the evolving trends, traditional shopping events continue to hold significant weight.
Survey Methodology
The insights of this holiday retail survey were gathered from 1,000 respondents across the nation during an online survey that captured diverse demographics based on age, gender, income, and region. This comprehensive methodology ensures a representative snapshot of Canadian consumer behavior during the festive season.
About JLL
For over two centuries, JLL (NASDAQ: JLL) has been a leading global commercial real estate and investment management firm. The company operates in more than 80 countries and employs over 112,000 professionals. JLL is dedicated to driving real estate impact and delivering exceptional results for their clients, guided by a purpose to create a better world.
Frequently Asked Questions
What trends are highlighted in the JLL holiday survey?
The survey highlights a shift towards experiences over gifts, with increased spending on experiential activities, self-gifting, and non-gift items.
How much are Canadians expected to spend this holiday season?
Canadians are expected to spend an average of $1,646 this holiday season, representing an 8% increase from last year.
What role are shopping centres playing this season?
Shopping centres are becoming focal points for holiday outings, with 90% of Canadians indicating plans to visit.
How is self-gifting affecting holiday shopping?
Self-gifting is on the rise, with 56% of Canadians planning to treat themselves, a 7% increase from last year.
What impact does Black Friday have on holiday shopping?
Black Friday remains a crucial shopping day, with 78% of Canadians planning to shop and 31% considering it their biggest spending day.
