Paul Martin commentary
The cost of fuel is leading more people to rethink their summer spending plans.
A report issued by TD Bank says more than one-third of Canadians expect to trim their spending plans and the lion’s share of those people say it is because of rising gasoline prices.
The ones with the most aggressive spending plans are Gen Z members. One-quarter of them say they will spend more anyway.
And there is one consensus among all those surveyed: they will buy local with 80-percent saying they intend to Buy Canadian or support local enterprises. That is a 50-percent increase over last year’s survey findings as Canadian patriotism continues to grow in a world of geopolitical upheaval.
So here’s how they’re going to do it. Half of those surveyed said it is time to redeem loyalty points to stretch their budget a bit further. And nearly as many are looking for cost-saving alternatives such as DIY or buying second-hand items.
Three-quarters plan to holiday in Canada with the bulk of those – roughly 50-percent – planning to explore their home province a bit more.
