We are three days away from Christmas, and shoppers are racing to the malls for last minute gifts. December 22nd is projected to be the busiest shopping day of the year, with Interact Canada estimating 25 million debit transactions projected for Friday.
Those numbers are based on figures from previous years, where Interac point-of-sale data shows Canadians “made over 24 million transactions and spent over $1.2 billion on Friday, December 23, 2016.” That was a 19 per cent increase from 2015’s most busiest shopping day, December 23, 2015.
But shopping on the busiest day of the year, comes with its share of challenges for customers. In a survey commissioned by Interac, 61 per cent of Canadians said they disliked long lines at checkouts while another 68 per cent disliked crowded stores and malls.
Fun Facts on Holiday Spending From Interac
- 40 per cent of Canadians say feeling financial squeezed is another aspect they dislike most about the holiday season.
- Millennials are more likely to go into debt, with 34 per cent saying they expect to be in the red.
- Canadians love lists: 42 per cent say they budget for the holidays by making a shopping list and sticking to it.
- Spending smart: Almost two thirds of Canadians (61 per cent) plan on keeping their holiday spending to $500 or below this holiday season.
- Canadians spend the most on their kids. 43 per cent say they will spend most on their children, followed by their partner/spouse (31 per cent) and their parents (12 per cent) over the holidays.
- Canadians almost spend as much on their pets (3 per cent) during the holidays as their best human friend (4 per cent).