This festive season, Canadian and American budgets for holiday spending are seeing a merry increase. This likely results from some easing of cost-of-living pressures and shoppers being less prone to change their plans due to inflation.
While Americans plan to spend 32 percent more on gifts, food, décor, and experiences, with an average holiday budget of $1,261, Canadians will be spending 45 percent more for a total budget of C$1,524. For both countries, the budget for holiday experiences saw a significant bump, increasing its share of the total budget.
In the U.S., high earners spend the longest average time (73 minutes) in shopping centers, while shoppers aged 30-60 stay longer than other age groups. Shoppers who spend the most time are more likely either to eat at a quick-service restaurant or to have a sit-down meal at a full-service restaurant.
In Canada, Gen Z and Gen Y spend slightly more time than average in shopping centers and are more likely to eat or drink there. Those who spend more than 90 minutes also have a higher average holiday budget for goods and experiences.
Shopping malls gained popularity with U.S. shoppers this season (59 percent of survey respondents), and also remain very popular in Canada (74 percent). In both countries, shopping malls are the top pick for brick-and-mortar shopping. In Canada, malls are preferred to internet platforms.
While still ranking as a top three store type in the U.S., mass merchandisers declined in popularity with holiday shoppers by almost 12 percentage points to 46 percent, and department stores surged by almost 10 percentage points to the top position at 58 percent.
In Canada, mass merchandisers continue to advance in popularity, remaining the top physical-store type with 77 percent of respondents choosing them. They are followed by clothing and accessories stores at 59 percent, then discount or dollar stores at 47 percent.
Canadian and U.S. shoppers continue to lean into shopping online during deal days as a more efficient way to access hundreds of sales across retailers, with the extended weekend from Black Friday to Cyber Monday remaining popular.
In Canada, most respondents are hunting for bargains throughout the season, with 89 percent planning to shop in November before Black Friday on November 29, especially online.
U.S. shoppers are also early birds ─ by the weekend after Thanksgiving, 86 percent of shoppers will have begun holiday shopping. More than 95 percent of consumers will have started their shopping over two weeks before Christmas Day.
Click below for more results from JLL’s Holiday Shopper Surveys 2024.
