Canadians to spend significantly less this holiday season

"Canadian consumers plan to do more of their shopping online than in stores this holiday season, as they focus on convenience, health and safety, rather than the shopping experience itself."

Canadians to spend significantly less this holiday seasonCanadians will spend an average of $1,104 for the 2020 holiday season, a net decrease from $1,593, or 30.7 per cent in 2019, according to PwC Canada's Holiday Outlook report, which was released on Tuesday. The PwC Canada survey reached out to 1,000 consumers in Calgary, Montreal, Toronto and Vancouver. "Many Canadian consumers and retailers…

Canadians feeling financial debt burden due to COVID

47 per cent of Canadians now say they are $200 or less away from insolvenc

Canadians feeling financial debt burden due to COVIDLower-income earners, young Canadians, women and renters are most at risk of debt burden or insolvency as the MNP Consumer Debt Index dropped to its second-lowest reading ever. The report, which was released on Tuesday, is conducted quarterly by Ipsos surveying Canadians on their financial situations. The survey found that 47 per cent of Canadians…

Household sector net lending reaches a record in Canada

Household credit market debt as a proportion of household disposable income fell from 175.4 per cent to 158.2 per cent

Household sector net lending reaches a record in CanadaHousehold sector net lending reached a record $69 billion in the second quarter, according to new data released Friday by Statistics Canada. “Although compensation of employees dropped considerably, this was more than offset by a significant expansion in government transfers to households meant to blunt the impact of the COVID-19-related measures; the result was a…

Canadians feeling less financially secure since COVID

Younger Canadians appear to be feeling the impact of the pandemic the greatest with 49 per cent feeling less financially secure

Canadians feeling less financially secure since COVIDA recent Sun Life survey indicates that nearly half of all Canadians (45 per cent) feel less financially secure since COVID-19 began and 44 per cent of those who say their mental health has been affected by the pandemic identify financial stress as the main factor. “Across the population, younger Canadians appear to be feeling…