TORONTO, ON– Just in time for the season, the Visa Back to Business Study, Holiday Edition has been released and outlines key Canadian consumer and small-midsized business (SMB) trends. These include:
–More than four in five (85 percent) Canadians will be shopping this holiday season and the majority (51 percent) plan to plan to do half or more of their winter holiday shopping at local retailers.
–In light of COVID-19 uncertainties, more than half (54 percent) of consumers plan to shop half or more online, compared to 21 percent who plan to shop exclusively in-person and 26 percent who will shop mostly in-person but some online.
–Almost half (48 percent) of Canadians plan to buy digital gifts.
–38 percent of Canadians (compared to 32 percent globally) are looking at giving more digital gift cards than in previous years.
–16 percent are considering giving experience gifts like tickets, activities or trips.
–More than two in five (41 percent) of Canadian SMBs report the winter holiday season is a critical sales opportunity for their business.
–About three in 10 (28 percent) of Canadian SMBs feel unprepared to take on the holiday season influx of sales. About one in 10 (11 percent) expect to extend business hours to prepare for an influx of holiday season sales, as well as digitize parts of their business operation (10 percent).