As the end-of-year holidays approach, Quebecers plan to spend less money than the rest of Canadians to spoil their loved ones and celebrate the festivities properly.
According to a new report from the firm PwC published Tuesday morning, Quebecers plan to spend an average of $1,474 on gifts, travel and entertainment activities — for themselves and their loved ones — during this period. The Canadian average stands at $1,853, an increase of 13% compared to last year. Residents of the Prairie provinces — Manitoba and Saskatchewan — were the most generous, planning to spend an average of $2,188.
If this gap between Quebec and the rest of Canada is observed among all generations, it is even more marked among millennials, aged 28 to 43. In Quebec, they plan to spend on average $1,388 compared to $2,233 for all Canadians in the same age group.
Young people, more spenders
The PwC survey also shows that young Quebecers (17-27 years old) plan to spend more than other generations for the holiday season, forecasting an average budget of $1,975. Conversely, baby boomers are the most cautious with their finances and plan to spend only $1,210.
Generation Z is also the one who shops the earliest. While all respondents plan to make their purchases between Thanksgiving and Black Friday weekend — November 29 — 21% of young people say they will have finished their shopping even before Thanksgiving. , or next weekend.
When it comes to gifts, the younger generation stands out in their desire to offer tangible objects to those around them rather than gift cards. At the top of the list: clothing (56%), cosmetics and beauty products (56%), jewelry and accessories (55%), toys (51%) and alcoholic beverages (50%).
Conversely, all other generations — millennials, Gen X and baby boomers — place gift cards first or second in their shopping preferences.
Generation Z is more open to using digital payment methods like Paypal, Apple Pay, Android Pay or “buy now, pay later” platforms. Credit (74%) and debit (51%) cards remain the most used means of payment across all generations.
Save money
Canadians are well aware that the cost of living has increased, with 81% expecting to see the prices of items skyrocket compared to last year.
In view of their holiday spending, the majority of them are therefore considering reducing daily expenses. They plan to cut back on restaurant outings and food orders (51% of respondents), the purchase of clothing (41%) and high-value items such as jewelry (36%).
The PwC firm conducted its survey of 1,000 Canadians towards the end of the summer.