Maritimes get in last minute Christmas shopping as new study suggests less spending in 2024

With just three full days left until Christmas, CF Champlain Mall in Dieppe, N.B., was packed on Thursday afternoon.

“I love the crowds and I love to be around in the shops, so it’s been a great week,” said Darleen McGraw.

She says when it came to Christmas shopping, this year was really no different than last year, which was a similar story for Sandra Friesen.

“Actually, we’re doing the pick ups now, so we did ordering on Monday and then we’re doing our pick ups, so books and electronics,” said Friesen.

However, as many searched for the last of the Christmas lists, a new survey suggests things could look different for Canadians next year.

A special report from BMO reveals nearly one third of Canadians plan to cut back on spending in 2024 due to economic uncertainty and an overall higher cost of living.

“I definitely plan on spending a bit less in 2024,” said Ben Storm.

“Coming from Toronto, rent is super high there and I know that around here it’s getting raised too so just cost of living is just a bit higher so spending less on the fun things and focusing on just rent and groceries and things like that.”

Bruce Winder, a retail expert, says the findings from the survey line up with the current obstacles that people are facing.

“Part of this is just looking at the economy,” he said.

“You look at where we are. I think the consumer is starting to put the breaks on spending. Just too many headwinds. You’ve got interest rates, you’ve got food inflation being a bit sticky.”

The report also suggests it might take people three months to pay back this years Christmas shopping, however, Maritimes on Thursday were confident going into this holiday.

“We’re still buying for the same amount of people and in the same price range,” said Friesen.

Meantime, Storm said he was actually ahead of the game when comparing this years shopping to previous years.

“I think I’ve managed to find some things that work better for the people this year that are a bit on the lower side of price,” he said.

Winder says nowadays consumers are really utilizing sales and spending when they can get that good deal.

“I’m just doing the extras now as to what’s on sale,” said McGraw who was finished all her shopping by Thursday.

As for what comes after Christmas, the BMO report suggests 42 per cent of Canadians plan on changing their financial New Years’ resolutions due to the cost of living concerns.

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