A wave of anxiety is washing over Canadian households as the holiday season approaches. Nearly half of all parents – 49% – are bracing for a budget squeeze, fearing last year’s funds simply won’t cover the rising costs of creating cherished holiday memories.
Despite financial concerns, the desire to deliver a magical experience for children remains a powerful force. A remarkable 76% of Canadian parents prioritize making the holidays special for their kids, even as they grapple with the reality of increasingly expensive gifts and celebrations.
The pressure is palpable. Two-thirds of parents – 66% – report that escalating prices are making holiday spending significantly harder to manage, and over half, 52%, are actively worried about exceeding their financial limits.
For many families, grandparents are emerging as crucial support systems. A full 21% of parents are relying on financial assistance from grandparents this year, and a striking 33% acknowledge that grandparents often spend *more* on the children than they do themselves.
When it comes to overall spending, most parents are aiming for practicality. Over 45% plan to keep total gift costs under $500, while 25% anticipate spending between $500 and $999. However, nearly 30% are preparing to spend $1,000 or more.
The driving force behind potential overspending isn’t external pressure, but a deeply personal one. More than half of parents – 56% – admit the urge to splurge comes from within, fueled by a desire to create something truly special.
For almost half – 47% – the motivation is rooted in providing their children with experiences they themselves never had. This emotional pull is compounded by the desire to meet family expectations (37%), capitalize on retail promotions (25%), and even emulate the idealized holiday scenes often portrayed on social media (15%).
December 19th is predicted to be the peak of the shopping frenzy, with forecasts estimating a staggering 24.8 million Interac debit purchases. The majority of these transactions are expected to occur at everyday locations like fast food restaurants, grocery stores, and discount retailers, reflecting a shift towards value-conscious shopping.
This year’s holiday season isn’t just about gifts; it’s a reflection of the economic realities facing Canadian families and the enduring power of the desire to create joy and lasting memories, even amidst financial uncertainty.
