TORONTO — Canadians are planning to spend about 18 percent less than usual during this holiday season, according to the 2020 Holiday Retail Outlook report from Deloitte. Online shopping, however, is “gaining traction at an exponential speed,” with Amazon standing to gain the lion’s share. About one in three consumers (35 percent) plan to reduce overall expenditures for the season while increasing spending at restaurants and cannabis stores.
“Whether personally affected by COVID-19 or not, consumers are much less optimistic about the country’s economy, which will drastically alter how much and where they’re going to spend this holiday season,” says Marty Weintraub, partner and national retail leader at Deloitte Canada.
