Inflation and rising prices might force Canadians to cut back on holiday shopping, but according to IBM's 2022 Holiday Shopping & Travel Report, their travel budgets for the season are way up.
The study found that holiday travel budgets of Canadian consumers are up 131% this year -- significantly higher than the global average increase of 49%.
According to the IBM survey:
-- Canadian shopping budgets are down 17% compared to 2021.
-- More than 55% of respondents say they will cut shopping in the non-essential categories such as apparel, footwear, jewelry, and accessories.
-- On average, consumers surveyed would pay a premium of 26% for more sustainable air travel and a premium of 28% for more sustainable lodging this holiday season.
Other key Canadian findings from the survey can be found here.
"It's wonderful that the holiday season is expected to be busy for retailers and the travel industry this year. Companies do however need to understand that consumers are being cautious and thoughtful with their purchasing decisions, they will expect a great client experience, and will pivot to other options that address their needs quickly," says Deb Pimentel, Vice President, Data, AI and Automation, IBM Canada.
"To manage the consumer experience, companies can consider using technology, such as AI, to help turn data into insights quickly to fine-tune consumer sales strategies and be better prepared for higher sales this holiday season."
Topics From This Article to Explore
