{"id":387349,"date":"2020-11-24T06:03:20","date_gmt":"2020-11-24T11:03:20","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=387349"},"modified":"2020-11-24T06:03:20","modified_gmt":"2020-11-24T11:03:20","slug":"pandemic-impact-on-holiday-shopping-budgeting-big-purchases-and-personal-debt","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/pandemic-impact-on-holiday-shopping-budgeting-big-purchases-and-personal-debt\/","title":{"rendered":"Pandemic Impact on Holiday Shopping: Budgeting, Big Purchases and Personal Debt"},"content":{"rendered":"

\n62 per cent say they have no plans to cut back on gifts this year
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TORONTO, Nov. 24, 2020 (GLOBE NEWSWIRE) — Gift-giving is a \u2018go\u2019 for most Canadians leading up to Black Friday according to a recent survey* by Equifax Canada, with 58 per cent of survey respondents saying they will spend about the same as last year and four per cent saying they will spend more on holiday gifts this year. Only 33 per cent said they will spend less.<\/p>\n

While most people will proceed with their holiday shopping plans, the way in which they shop and celebrate may look and feel different this year owing to the pandemic. More holiday shoppers (65 per cent) are likely to shop online this year and 48 per cent of those surveyed say COVID-19 has impacted their holiday shopping plans. Furthermore, 56 per cent indicated that they will not visit with extended family this holiday season; the number climbs to 60 per cent for consumers 55+.<\/p>\n

\u201cDespite COVID-19, there\u2019s still a good level of optimism when it comes to preparing for the holidays,\u201d said Rebecca Oakes, Equifax Canada\u2019s AVP of Advanced Analytics. \u201cOn the bright side it looks like most people still plan on buying presents, even if they\u2019re staying away from extended family to protect them this holiday season. However, it\u2019s important to take stock of your finances and prepare a realistic budget to avoid any unpleasant bills in the New Year.\u201d<\/p>\n

\n CREDIT CARDS AND DEBT<\/strong>
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Overall credit card utilization remained low with a 10 per cent year-over-year drop in both Q2 and Q3 when compared to the same time period in 2019. However, consumer spending which saw a big drop in April and May is back up to pre-COVID levels in Q3.<\/p>\n

Some highlights of the survey results with respect to credit cards, spending and debt:<\/p>\n