High prices and rates to dampen Canadian holiday spending
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Retailers are bracing for a drop in holiday spending as Canadians pull back due to high inflation and interest rates.
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Consumers are more price-sensitive this year and waiting for discounts before making purchases.
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Retailers have excess inventory and are negotiating with suppliers for lower prices to offer deals.
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Essential spending is up nearly 10% for Canadians, so they are cutting back on discretionary purchases.
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Early holiday sales events show consumers are waiting for the best deals before buying.