Dim Forecast For Holiday Sales Again in 2015
For the second consecutive year, Field Agent Canada conducted a cross-country survey to measure the planned purchases of CHRISTMAS GIFTS, DECORATIONS & HOLIDAY FOOD for the 2015 Christmas Holiday season. We asked our Agents from coast-to-coast to provide estimates of their spending on these items in 2014 and their planned purchases in 2015. A total of 2028 responses were gathered between October 17-21, 2015.
“Again this year, our survey shows that Canadians are planning to spend less on Christmas this year than they did last year”, says Jeff Doucette, General Manager of Field Agent Canada. “Retailers should prepare for a second straight tough Christmas season.”
Overall, average planned Christmas expenditures are tacking to be 7.5% lower on a national basis. “These are very similar results to what we found last Christmas, and indicates two years in a row of planned reduced spending on Christmas items”, said Doucette. Results in 2014 showed that Canadians planned to spend 7.2% less vs. the previous year.
Newfoundland has the highest average spending across Canada, an honour it also held in 2014. However, this province is cutting back the most this year with planned spending down 27% year over year. “This likely is a direct result of the tightening of the oil economy in Newfoundland, both offshore oil and the huge number of workers that commute to Western Canada to work in the oil patch”, stated Doucette. “However, with average planned spending of $1250, Christmas should still be festive.”
Declines in spending are expected in every province across Canada, although the cuts are less drastic in Prince Edward Island, Saskatchewan, and British Columbia where planned spending is relatively stable vs. 2014 spending.
Who plans to spend the least amount for Christmas this year? Consistent with the 2014 results, the lowest planned spending was reported by residents of Quebec at just $645, which is 26% less than the national average.
As soon as the Pumpkins and Candy are put away next week, no doubt we will start to hear Jingle Bells blaring from retail stores across the country!
Read the full details here.