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Canadians expect the economy to worsen in 2023 and plan to spend less this holiday season, according to a new poll.
The survey by Deloitte, a consulting, financial, and risk advisory firm, says Canadians are "skeptical, concerned, and craving attention" coming into the first Christmas season without any lockdowns or restrictions in a couple of years.
Although more people will be hosting formal holiday meals this year, Deloitte predicts average holiday spending to fall 17 percent this year to $1,520. The most significant spending cuts are expected in non-gift electronics, travel, and non-gift clothing.
With inflation and elevated interest rates, 40 percent of Canadians have seen their household finances worsen this year....