Friday, March 29, 2024

Timer

Shoppers feel financial pressures heading into holiday season

First Published:

With rising inflation, shoppers are starting to feel the financial pressures heading into the holidays. It is forcing people to limit their spending, focus on inexpensive gifts, or feel good about putting their money toward supporting local.

Statistics Canada released its latest consumer index report today showing that the country’s annual inflation rate held steady at 6.9 per cent last month.

The study says a rise in gas prices and higher mortgage interest costs put upward pressure on inflation.

Business owners tell CHCH News they’re expecting shoppers to focus their holiday budgets on supporting local this year. Shoppers say they feel the same way, “I’d like to shop locally as much as possible to support the smaller businesses.”

According to a survey by Equifax Canada, 60 per cent of respondents say the financial pressures due to inflation mean they will be choosing to spend less on gifts this year overall.

Equifax also found that 41 per cent of people say they will limit their holiday spending because they are already carrying too much debt. That is up from 36 per cent from 2021.

Equifax recommends that shoppers stick to a well-thought-out budget when Christmas shopping this year. They also say people should continue to buy from local businesses because this will help the business owners to keep their prices reasonable.

More Top News

Ontario school boards suing TikTok, Meta, and Snapchat

Four of Ontario's largest school boards are suing the parent companies of Facebook, Instagram, Snapchat, and TikTok. The boards are alleging the social media platforms...

Evening weather forecast for March 28, 2024

Shelly Marriage shares the forecast for March 28, 2024 and the days ahead.

Experts warn drivers to be careful on eclipse day

Researchers from Sunnybrook Health Sciences Centre in Toronto are warning drivers to beware in the hours before and after the big solar eclipse on...

Premier Ford rejects Ottawa’s bill of rights and protection funds for tenants

Premier Doug Ford is going along with the Quebec government in rejecting Ottawa's attempt to help renters. On Wednesday, Prime Minister Justin Trudeau gave...

Hamilton mayor intends to use strong mayor powers for affordable housing

Residents and businesses near two Stoney Creek parking lots are disappointed after Hamilton mayor Andrea Horwath decided to use her strong mayor powers to...

Date set for inquest into death of man during Halton police shootout in 2018

A provincial coroner has set a date for an inquest into a man's death after a shootout with Halton police almost six years ago. Ahmadu...