Some Canadians are feeling a bit Scroogy this December.
A survey by TD Bank that asked Canadians about their spending plans for this Christmas echoes the messages we’ve been hearing from others asking the same question: things are going to be tighter this year.
The TD Survey found that a third of us will trim back on our Christmas spending this year and 60-percent said that more than half of their spending will be directed towards groceries and household essentials.
Two-thirds of those cutting back blame the high cost of living but roughly 30-percent have simply shifted priorities… saving is now top of the list.
Almost half of the respondents said they will achieve these cutbacks by reducing what they spend on gifts for family. 44-percent are cutting social spending such as parties and a third are saying they will pare back the amount they spend on gifts for friends.
But there is some good news in this report too. A large majority said when they do spend, they plan to purchase from local or small businesses.
