Holiday spending could be different for Canadians this year.
According to Deloitte Canada’s 2026 Holiday Retail Outlook, shopping for gifts and gift cards for the holidays is expected to drop five per cent this year.
“Canadians are not cancelling the holiday season, but economic uncertainty is influencing their spending decisions, making them far more discerning,” Deloitte Canada’s Shaunna Conway said in a news release. “This shift is creating more price-conscious consumers, and retailers that offer clear, compelling value propositions will be best positioned to earn a place in shoppers’ holiday baskets this year.”
The report also found that consumers are feeling sensitive about prices this holiday season. Eighty per cent of those surveyed are “actively comparing options or waiting for the best deal.”
Black Friday would play a big role for holiday shoppers this year, as the report found more than half of budgets (51 per cent) are planning to be spent by the end of the Black Friday and Cyber Monday period.
When it came to household finances compared to the previous year, one in three Canadians (34 per cent) say they were worse off, with 45 per cent expecting the economy to weaken by 2027.
Overall, the report found that it spending on holiday-related things from gifts to entertaining will drop 14 per cent this year to $1,305, from $1,521 in 2025.
Almost half of Canadian consumers (45 per cent) feel local or Canadian ownership is important when deciding where to shop. However, value was top of mind as 35 per cent said they weren’t willing to pay a premium for things based only on buying local or Canadian.
How will your holiday spending change this year?
Will you be spending less, more or the same this holiday season? Are you cutting corners, saving more to spend more or excluding people on your list?
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