Hamilton, Halton, Niagara and area news from CHCH - Hamilton, Halton, and Niagara news..
With just over a week until Christmas, there is still time to do some last-minute shopping.
Some reports do indicate people are still dishing out like they did last year and even a little more. According to some local independent retailers, what people are choosing to buy is changing and how they are spending is changing as well.
Janice Milligan has been a small business owner on Concession Street in Hamilton for over 23 years and sometimes has to compete with the big box stores.
“We have tried very hard to keep our prices low, most of our bath products are almost the same prices they were 23 years ago, and our supplies have gone up through the roof,” says Milligan.
While revenues may be down, Milligan says it’s important to keep things affordable so people keep coming in.
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While many things have gone up in price like food, the cost of living, and interest rates -many people are still spending this holiday season and more than last year according to a new report.
Canadian consumers are expected to spend an average of $645 on holiday gifts this year, an increase from the $589 spent last year but spending more doesn’t mean you’re getting more.
“The prices have so if you’re spending the same amount of money you’re not going to get as many gifts, not as much value for your money because of that inflation,” says Richard Powers from the University of Toronto.
Powers says even though prices have gone up people are still willing to fork out cash during the holidays.
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“This is the one time of year that people can really relax a little bit and bring in families and celebrate and look forward to the new year. It’s been a tough few years so people are willing to say I think that I deserve this, I’m willing to spend a little,” says Powers.
While Canadians may be spending more this year, the report also says one in three Canadians would be willing to take on debt to fund their purchases this year.
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