Consumers are prioritizing thoughtful gifts over expensive ones

But Amex's report finds Canadians are open to spending more for the right gift.

Holiday-gifts2

Nearly three quarters of Canadians are seeking out thoughtful gifts over extravagant ones this holiday season, according to Amex research.

The financial brand’s latest trend report is based on a survey of 8,000 global consumers, including 1,000 Canadians. It found that Canadian consumers are planning to shop for the holidays more considerately, with 74% of respondents agreeing they want to be more selective with gift shopping this holiday season, and 73% categorizing their approach as “thoughtful” instead of thrifty.

That’s backed up by the fact that 73% of those surveyed would spend more if it meant getting the right gift.

The average amount Canadians plans to spend on gifts and decorations is $1,093, with clothes and accessories (56%), dining out at restaurants (52%) and decorations (34%) ranking as the top three category choices for holiday spend. Meanwhile, 60% of those surveyed agree that they plan on donating to charity to give to those less fortunate this holiday season.

When it comes to their own gift preferences, 44% of Canadians surveyed hope to unbox apparel, and while COVID concerns ease, 39% are looking to their loved ones to gift them a travel experience.

The results reveal that 36% want electronics to be under the Christmas tree, 34% of Canadians want to be gifted a book this year and 28% are looking to receive products like makeup, nail polish and haircare to help them to keep up their personal beauty regimens.

The survey also reveals 63% of Canadians surveyed typically spend between one to four hours researching potential gifts before deciding to purchase them.

In terms of where they will shop, 77% of Canadians agree they believe it’s more important than ever to support small businesses this holiday season, with 68% of respondents agreeing that they love dining out at their favourite local restaurants during the holidays to support such enterprises.

Finally, 79% of respondents agree they want to earn credit card rewards for online purchases and 77% agree they want to earn cash back for their holiday spending.

 

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