Quebecers plan to spend much less money on Christmas gifts for their loved ones this year than residents of other provinces.
According to a new report from PwC, Quebecers anticipate spending an average of $1,474 on gifts, travel and entertainment activities during the holiday season, which is well below the Canadian average of $1,853.
This gap is observed across all generations, but it is greatest among millennials (28-43 years old), with projected spending of $1,388 versus $2,233.
In Quebec alone, it is the youngest (17-27 years) who anticipate the largest expenses ($1975), while Baby Boomers intend to be more thrifty ($1210).
Young people will spend more
If young people spend more, it may be because they start shopping much earlier.
The PwC report shows that members of Generation Z (17-27 years old) plan to make all of their purchases between Thanksgiving and the famous “Black Friday” weekend. 21% of them even say that they will have to buy everything before Thanksgiving, that is… next week!
Furthermore, the survey also shows that young consumers attach more importance to tangible gifts that reflect an emotional connection, and that they will be less inclined to buy gift cards.
“In contrast, gift cards come in first or second place for millennials, Generation X and baby boomers,” the study says.
Payment methods
Unsurprisingly, younger people are also more likely to use digital payment methods, even if credit cards (74%) and debit cards (51%) remain the most used methods of paying, all generations combined.
“However, Gen Z shoppers use digital payment methods more often than other consumers. These methods include PayPal (44% for Zs, compared to 31% overall), Apple Pay and Android Pay (35%, compared to 14%) as well as “buy now, pay later” platforms (11%, compared to 5%). “, we read in the report.
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