Holiday Season Financial Portrait of the 18-45 Age Group in Quebec

Autumn 2023 Survey
As the holiday season approaches, the most festive yet often costly time of the year, young adults in Quebec are navigating an economic landscape characterized by inflation. The joy of celebrations intertwines with the reality of financial constraints, raising important questions: how do 18-45 year olds adjust their budgets for year-end festivities? What is the actual impact of price increases on their traditions and spending plans?
About WelcomeSpaces

With this in mind, WelcomeSpaces conducted an autumn survey in November 2023 to gauge the financial pulse of young adults in Quebec. Our objective was clear: to paint an accurate picture of the impact of inflation on holiday preparations, including consumption habits, budget plans, and debt perspectives.

The impact of inflation is undeniable and affects various aspects of daily life. In anticipation of the year-end celebrations, young people in the province are tightening their purse strings, redefining their vision of traditional festivities. From meals to leisure activities to shopping, the changes are tangible. Our key findings reveal a trend towards moderation, a quest for good deals, and a potential increase in the burden of debt.

With a solid methodology and significant participation (1004 respondents), this survey outlines the contours of a Christmas 2023 where caution and ingenuity will be the watchwords of a celebration reinvented out of economic necessity. We look forward to sharing our discoveries with you on the warmest, yet perhaps most prudent, holiday of the year.

Highlights of the survey

Inflation:
Data v Reality

55%
claim to experience inflation higher than 5% !
Of which 20% state experiencing inflation of over 10%

Inflation:
Sacrificed Plans

75%
of respondents state that due to inflation, they will have to postpone or cancel significant life projects.

Inflation and Loyalty

72%
have used store loyalty programs more this year.

Inflation:
Standard of Living

54%
have experienced a decrease in their standard of living compared to their pre-pandemic situation.
Less than 10% of all respondents have experienced an increase in their standard of living.

Inflation and Food

86%
mention that they are more frequently making changes to their food choices to save money.

Inflation and Purchases

94%
affirm they are paying more attention to the prices of their purchases.
87%
find themselves more often postponing a purchase to wait for sales.

Measured Generosity

73%
plan to reduce the list of people they will be gifting this year.

Holiday Shopping

34%
plan to spend less than $100.
WelcomeSpaces - Study on Holiday Season 2023 Personal Finances - Graph illustrating the amounts respondents anticipate spending on their holiday purchases.

Festive Debts!

38%
believe they will increase their debts as a result of holiday expenses.

Modest Celebrations

31%
plan to reduce their holiday budget this year.

Reduction in Spending

percentage of respondents who want to reduce their expenses in the upcoming year.
24%
Grocery Shopping
61%
Restaurants
48%
Outings and Leisure Activities
31%
Coffees
31%
Trips and Holidays
39%
Clothing and Cosmetics

Objective and Methodology

In total, 1004 participants, aged 18 to 44, were reached online to complete the survey. The margin of error is ±3%.

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