Many Canadians preparing to cut back on holiday spending: survey

A shopper checks a till receipt in Toronto's Fairview Mall as outlets participate in Black Friday sales, Friday, Nov. 28, 2024. THE CANADIAN PRESS/Chris Young

The rising cost of living is expected to put a chill on holiday spending this year.

A new survey from insolvency firm Harris & Partners shows most respondents are preparing for a more modest Christmas.

Almost 72 per cent of the 1,820 Canadians surveyed say they will cut back on Christmas spending this year.

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About 62 per cent add that they do not feel financially prepared for the holidays and 53 per cent have anxiety about affording it.

Joshua Harris, whose firm is behind the survey, says the numbers show Canadians have less financial flexibility as they work through the higher cost of living.

He says Canadians are not avoiding spending because they are unwilling but because they simply do not have the room in their budgets to set aside cash for the holiday.

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Tara Deschamps, The Canadian Press

This report by The Canadian Press was first published Nov. 11, 2025.