Greater than three quarters say they’ll use the ‘gradual purchasing’ approach, survey finds
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Confronted with troubling financial situations, Canadians are considering strategically in the case of their vacation purchasing habits this yr.
Greater than three-quarters of customers are utilizing the “gradual purchasing” strategy of stopping to contemplate an merchandise as an alternative of creating a rash shopping for choice, in response to a brand new survey from the cost platform Affirm Canada Holdings Ltd.
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Different methods are being employed this vacation season as nicely, with 71 per cent spending extra time to contemplate smarter selections and 60 per cent spreading their spending all through the season.
General, 46 per cent of Canadians plan to spend much less this yr, whereas simply eight per cent have elevated their budgets, a latest survey by the Angus Reid Institute mentioned.
Canadians have additionally embraced the purchase now, pay later (BNPL) possibility, which presents customers the prospect to pay for an merchandise over a number of months as an alternative of immediately.
BNPL spending is predicted to develop by 14 per cent and hit US$6.7 billion in Canada this yr, in response to a report in August by Analysis and Markets.
The Affirm survey mentioned 48 per cent of respondents pointed to their capacity to successfully finances as their cause for utilizing BNPL packages, whereas 42 per cent mentioned low rates of interest are a pretty a part of the BNPL technique.
“As Canadians take a extra aware, value-driven strategy to vacation purchasing, many are leaving bank cards behind,” Wayne Pommen, chief income officer at Affirm, mentioned in a launch. “As an alternative, they’re turning to versatile, clear cost choices that allow them store responsibly and benefit from the season.”
One other technique Canadians are already contemplating is ready till the federal authorities’s GST minimize takes impact on Dec. 14 earlier than making some purchases.
The GST minimize consists of a number of gadgets that could be on many vacation purchasing lists, together with many meals merchandise, youngsters’s toys and garments, and video-game consoles.
Dan Kelly, president of the Canadian Federation of Unbiased Enterprise, has been posting reactions on X from enterprise house owners who consider some customers will wait till the tax vacation kicks in, successfully making the purchasing season extra condensed.
He has additionally heard from retailers that customers could return some gadgets already purchased with the aim of shopping for them again as soon as the tax adjustments kick in.
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The CFIB is urging Canadians to spend extra with small companies.
“It’s been a troublesome yr for small companies throughout Canada, however we have now an opportunity for a robust end because the essential vacation purchasing season kicks off,” Ryan Mallough, CFIB’s vice-president of legislative affairs, mentioned in a launch.
“The place you store could make an actual distinction. For each greenback you spend at a small enterprise, 66 cents stays within the native financial system. It’s not only a win for the enterprise; it’s a win for the entire neighborhood.”
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That said, Canada’s energy, automotive manufacturing and consumer goods sectors have the most at risk, having sent more than $320 billion worth of goods combined to our southern neighbour in the past 12 months. Overall, exports from the three sectors amounted to 57 per cent of all of Canadian exports to the U.S. in the last year.
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Read more here.
- Today’s Data: U.S. real third quarter GDP
- Earnings: Macro Bank Inc., Frontline Plc, Spire Global Inc.

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Today’s Posthaste was written by Ben Cousins, with additional reporting from Financial Post staff, The Canadian Press and Bloomberg.
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