Givex Survey: Canadians Adapt Gift-Giving Plans in Response to Inflation, Yet Continue Spending This Holiday Season

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