As Black Friday approaches in Canada, the holiday shopping season is expected to be quieter compared to previous years. Canadians are feeling the financial strain of high inflation and rising interest rates, leading them to be more cautious with their spending. Many Canadians are planning to only purchase what their families need and are actively seeking out items on sale or from less expensive retailers. Despite the lack of major price cuts, Black Friday sales are still welcomed by Canadians.
Retailers in Canada have been offering sales since the beginning of November, and some stores are even introducing guarantees that prices will not drop further throughout the holiday season. However, Black Friday has lost some of its appeal and has become just another way to say 'sale' for many Canadians. Despite the elongated sales and guarantees, many people still see Black Friday as the day to ramp up their shopping.
According to Shopify, the average customer spending during Black Friday was $172.80, with the top purchasing cities being Toronto, Montreal, and Vancouver. This indicates that while Canadians are being more cautious with their spending, they are still participating in the Black Friday sales.
Overall, the quieter Black Friday in Canada can be attributed to the financial stress experienced by Canadians due to high inflation and rising interest rates. Canadians are adjusting their holiday shopping habits by focusing on necessities and seeking out sales and deals. Retailers are adapting by offering sales earlier and providing price guarantees to attract customers. Despite the challenges, Black Friday remains an important shopping event in Canada.
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