The annual Givex 2024 Holiday Survey
unveils Canadians' holiday season spending habits
TORONTO, Oct. 16,
2024 /CNW/ - Today, Givex (TSX: GIVX) (OTCQX: GIVXF),
the cloud-based global customer engagement and business insights
platform, released its 2024 Holiday Survey, revealing insightful
data on Canadian shopping, dining and spending habits and attitudes
ahead of the holidays.
The survey revealed that the majority (72%) of Canadians agree
that inflation has impacted their holiday gift-giving plans,
comparable to 2023 (74%). About three-quarters (76%) of Canadians
expect to spend less on holiday shopping this year compared to
last, and the same percentage (76%) anticipate they will spend less
on dining out.
Despite financial pressures, Canadians continue to spend, with an
average expenditure of $750 on
non-essential items such as dining, gifts, travel, charitable
donations and entertainment expected over the holiday season. Gift
cards remain popular, with 28% of Canadians planning to spend at
least $200 or more on them this
holiday season, a 40% increase from 2023.
"The impact of inflation remains a critical factor in
influencing consumer behaviour this holiday season," said
Brittain Brown, President of Givex.
"The Givex 2024 Holiday Survey offers invaluable data and insights
into Canadians' shopping and dining habits, helping businesses
better understand and respond to evolving consumer preferences. As
retail and hospitality businesses gear up for the holiday rush,
maintaining customer loyalty has never been more crucial. Givex
empowers brands to make informed business decisions and drive
customer satisfaction through reliable technology and exceptional
support."
Key findings from the 2024 Givex Holiday Survey include:
Inflation Impacts
- Most Canadians (72%) say inflation has impacted their
gift-giving plans this holiday season, a slight decrease from last
year (74%).
- Younger Canadians are feeling the impact of inflation more
acutely, with 78% of those aged 18-34 and 77% of those aged 35-54
agreeing that inflation has affected their gift-giving plans.
Spending Habits
- On average, Canadians plan to spend $750 on non-essentials over the holidays.
- Canadians plan to spend an average of $290 on gifts this holiday season, with 30%
planning on spending $400 or
more.
- About one-quarter of Canadians (23%) are making holiday
gift-buying decisions based on loyalty programs and rewards
points.
- 28% of Canadians say they plan to spend at least $200 or more on gift cards this holiday season, a
40% increase from 20% in 2023.
Necessities
- 57% of Canadians anticipate spending more money on groceries
this holiday season than last year.
General Trends
- Only 18% of Canadians plan to complete most of their holiday
shopping on Black Friday this year.
- Canadians are still warming up to AI, with only 22% expressing
comfort with using AI to help them do their holiday shopping. This
number rises to 34% among those aged 18-34.
Dining
- Compared to last holiday season, 39% of Canadians are looking
for dining options that offer promotions more often.
- Canadians plan to spend an average of about $200 on dining over the holiday season.
The findings offer critical insights into consumer spending
behaviour, enabling businesses to tailor their strategies to
effectively meet their customers' needs.
These findings are from a survey conducted by Givex from
September 10th to September 12th,
2024, among a representative sample of 1,525 online
Canadians who are members of the Angus Reid Forum. The survey was
conducted in English and French. For comparison purposes only, a
probability sample of this size would carry a margin of error of
+/-2.53 percentage points, 19 times out of 20.
For more information about Givex and the 2024 Holiday Survey,
visit givex.com.
About Givex
The world is changing. Givex is ready.
Since 1999, Givex has provided technology solutions that unleash
the full potential of engagement, creating and cultivating powerful
connections that unite brands and customers. With a global
footprint of 132,000+ active locations across more than 100
countries, Givex unleashes strategic insights, empowering brands
through reliable technology and exceptional support. Givex's
integrated end-to-end management solution provides Gift Cards,
GivexPOS, Loyalty Programs, GivexEngageAI and more, creating growth
opportunities for businesses of all sizes and industries. Learn
more about how to streamline workflows, tackle complex challenges
and transform data into actionable insights at www.givex.com.
SOURCE Givex Corporation
