Nearly half of Canadians plan to spend less this holiday season amid low consumer spending

Small Business Saturday® is a chance to support local economies by shopping small

TORONTO, Nov. 25, 2024 /CNW/ - Canada's small businesses are looking to their communities to bring on some much-needed holiday cheer this Small Business Saturday® as a record share (53%) face weak consumer demand heading into the all-important holiday shopping season.

This year, Small Business Saturday takes place on November 30, the day after Black Friday. The annual celebration, presented by CFIB, encourages consumers to shop intentionally to support their local economies.

"It's been a tough year for small businesses across Canada, but we have a chance for a strong finish as the crucial holiday shopping season kicks off," said Ryan Mallough, CFIB's vice-president of legislative affairs. "Where you shop can make a real difference. For every dollar you spend at a small business, 66 cents stays in the local economy. It's not just a win for the business, it's a win for the whole community."

A recent public opinion poll conducted by Angus Reid Group revealed that 26% of Canadians plan to do most of their holiday shopping in-store this year, while 34% will do the majority online. With half (48%) of small businesses finding it harder to compete with the rise of online giants, it's more important than ever to support local businesses.

The Angus Reid study also found that 46% of Canadians plan to spend less for the holidays than last year, while only 8% will spend more. On average, Canadians plan to spend about $900 during the holiday season, most of which ($544 on average) will be on gifts for others.

"Small Business Saturday is an amazing opportunity to find the perfect gift at a great price, as many businesses will be offering sales and special offers this weekend," Mallough added. "This weekend is a great chance to explore your local businesses."

Visit SmallBusinessEveryDay.ca for more information about Small Business Saturday, including free tools and resources.

Methodology:

CFIB
October Business Barometer®: October findings are based on 516 responses from a stratified random sample of CFIB members, to a controlled-access web survey. Data reflects responses received from October 2 to October 22. Findings are statistically accurate to +/- 4.3 per cent, 19 times in 20. Every new month, the entire series of indicators is recalculated for the previous month to include all survey responses received in that previous month.

Angus Reid Group
Consumer Pulse wave #28 has a nationally representative sample of n=1,501 Canadian Adults (age 18+ yrs.) who are members of the Angus Reid Forum. The survey was fielded between October 15 – 21, 2024 and conducted in French and English. The sample frame was balanced and weighted on age, gender, region and education according to the latest census data. For comparison purposes only, a probability sample of this size would yield a margin of error of +/-2.5 percentage points at a 95% confidence level.

Small Business Saturday®
Small Business Saturday is brought to you by CFIB and American Express®. The campaign encourages local shopping and provides posters and other promotional tools for businesses.

About CFIB
The Canadian Federation of Independent Business (CFIB) is Canada's largest association of small and medium-sized businesses with 97,000 members across every industry and region. CFIB is dedicated to increasing business owners' chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at cfib.ca.

SOURCE Canadian Federation of Independent Business