Consumers return to in-store shopping for the holidays
Canadian consumers appear to be returning to in-store shopping this season, in spite of high inflation and the prospect of a recession.
A day out at the mall has been a long time coming for Kristen and Kelly, who could be found at White Oaks Mall in London, Ont. Thursday.
“This is the first time for Christmas that we’ve actually gone out shopping for a couple years, so it’s really nice,” said Kelly. “It’s like a social event for her and I.”
According to MasterCard’s spending plus report and holiday forecast, retail sales for the holidays are expected to increase 5.7 per cent over 2021, and more than 21 per cent over pre-pandemic levels (2019).
Commercial realtor, Valentino Teoli of CDNGLOBAL said the trend comes in spite of rising inflation and the prospect of a recession.
“You get this potential of a recession, which would, should, and I guess is stoking more fear in people, saying that we’re not out of this yet, the next few months are expected to be difficult,” he said. “So you would expect all of that to work against the retail world. And despite this, it is relatively healthy.”
Zach Peddie is the manager at Sunrise Records at London, Ont.'s White Oaks Mall. (Bryan Bicknell/CTV News London)
Sunrise Records manager Zach Peddie said foot traffic has increased noticeably so far this holiday season.
“The weekends are always busy. You know you get a Saturday in December, it’s pretty typical for the last couple of years, but we’re really noticing it in the weeks this year. You know right from the moment we open the doors at ten o’ clock till the time we close, there’s people out,” he said.
Retailers also report that distribution networks are back up and running, so they are now able to get the inventory they need.
“The last couple years we may get one copy of each record every time, whereas this year we’re getting full re-stocks, 10 to 15 copies,” said Peddie.
But not everyone has bounced back. International Clothier manager Pretima Youssef said shoppers are not into the Christmas spirit quite yet.
“When the snow starts coming, people are like ‘Oh yeah Christmas is coming, it’s white outside, snow, let’s start Christmas shopping.’”
The MasterCard report also said the days leading up the Christmas are expected to be the busiest of the season, with Dec. 23 projected to be up by 24 per cent over last year, and Christmas Eve up 17.5 per cent.
CTVNews.ca Top Stories
'Anything to win': Trudeau says as Poilievre defends meeting protesters
Prime Minister Justin Trudeau is accusing Conservative Leader Pierre Poilievre of welcoming 'the support of conspiracy theorists and extremists,' after the Conservative leader was photographed meeting with protesters, which his office has defended.
What is changing about Canada's capital gains tax and how does it impact me?
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Pilot reported fire onboard plane carrying fuel, attempted to return to Fairbanks just before crash
One of the two pilots aboard an airplane carrying fuel reported there was a fire on the airplane shortly before it crashed and burned outside Fairbanks, killing both people on board, a federal aviation official said Wednesday.
'One of the single most terrifying things ever': Ontario couple among passengers on sinking tour boat in Dominican Republic
A Toronto couple are speaking out about their 'extremely dangerous' experience on board a sinking tour boat in the Dominican Republic last week.
Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
7 surveillance videos linked to extortions of South Asian home builders in Edmonton released
The Edmonton Police Service has released a number of surveillance videos related to a series of extortion cases in the city now dubbed 'Project Gaslight.'
Ukraine uses long-range missiles secretly provided by U.S. to hit Russian-held areas, officials say
Ukraine for the first time has begun using long-range ballistic missiles provided secretly by the United States, bombing a Russian military airfield in Crimea last week and Russian forces in another occupied area overnight, American officials said Wednesday.