Holiday spending expected to rise despite economic uncertainty

If you’re starting your holiday shopping a little early this year, you’re not alone.

Deloitte Canada’s latest holiday retail outlook report, released today, shows that Canadians want to spend a little more this year and start shopping even earlier despite the economic uncertainty facing the country.

In addition to being willing to shell out a little extra cash this year, the report says most Canadians will have used up most of their holiday budgets before December.

According to the report, holiday spending across the country is expected to rise about two to three per cent, though people say they still have some general concerns about the economy.

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The report  says Canadians are choosing to shop where they’re able to get the most bang for their buck.

That includes shopping in stores and malls, as well as turning to e-commerce platforms, like Amazon that typically have deals leading up to the holidays.

Deloitte’s report says consumers are likely to spend more on entertainment and experiences for family and friends this holiday season, rather than themselves.

The report also shows artificial intelligence may be the place to go, if you’re short on inspiration for gift-giving this year.

Deloitte says the rise of AI may bring data privacy and security concerns to the forefront as seven in 10 are worried about sharing their personal information with retailers.

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