Canadians plan to spend 14% less this year than in 2007 during the Christmas season, according to a new Maritz Research Canada survey.
On average, individual Canadians plan to spend $571 this year, down from $663 during the holiday season last year. And 70% of Canadians say they will use cash and debit cards to pay for purchases instead of using their credit cards.
Women in general and Canadians in Ontario and Atlantic Canada were the most likely of the survey's respondents to reduce their spending this year due to concerns over the current economic slowdown.
The survey suggested that consumers will be less tolerant toward retailers who don't provide a positive shopping experience. In addition to retailers providing special Christmas sales, more than 63% of respondents said it was important for storeowners to ensure inventory meets their demands. Avoiding waiting times by having enough staff and extending store hours were also key considerations for consumers.
The survey found that Canadians are more likely to buy entertainment and electronics as gifts this year, followed by toys, gift certificates, health or beauty products and clothes.
More than two-thirds of respondents said they'll be shopping at Wal-Mart, while just over half said they'll be shopping at Canadian Tire. Zellers, Future Shop and Sears Canada rounded out the top five retail locations consumers plan to shop in over the Christmas holidays.