Canadians under 35 are gearing up for Black Friday, with 81 per cent planning to shop during the year’s biggest sales event, according to Rakuten’s Annual Holiday Spend Survey. We chat with Rakuten’s shopping expert Danai Mushayandebvu to uncover survey insights, regional trends and smart tips to make the most of Black Friday and Cyber Monday. —Noa Nichol
The survey shows a significant increase in young Canadians planning to shop on Black Friday. What do you think is driving this heightened interest in Black Friday over other major sale days like Cyber Monday and Boxing Day?
The heightened interest in Black Friday among young Canadians is likely attributed to a massive change in shopping habits and broader cultural shifts:
- The growth of online shopping: Tech-savvy young Canadians prefer to shop online, and the ease of shopping from home or by mobile and avoiding the chaos of in-store crowds is a big draw. Additionally, with more people shifting to e-commerce, there is greater access to more stores in a variety of categories.
- Early and extended access to deals: In Canada, Black Friday often kicks off a whole week of discounts, allowing shoppers to get an early start on holiday shopping. For younger Canadians, who may be keen to find the best deals on gifts or personal items, Black Friday presents a great opportunity to snag bargains early.
- Social Media Influence: Black Friday is a major social event, and retailers know the power of social media, with the constant promotion of flash sales and limited-time offers on Instagram, TikTok, Snapchat, Youtube and Twitter. Young consumers, who are often connected to these platforms, are more likely to be influenced by viral promotions on great deals, as they become top-of-mind.
With the average anticipated holiday spend rising to $637, how are Canadians becoming more strategic in managing their holiday budgets this year? Any notable trends in spending habits compared to last year?
Canadians are finding strategic and creative ways to manage their holiday spending while maintaining a sense of celebration and giving, despite the challenges posed by inflation and rising costs:
- They are planning and shopping earlier than ever: With better planning and online tools to help with budgeting and price tracking, shoppers can spread out their spending, take advantage of early sales, and avoid the stress of last-minute purchases.
- There’s a shift in what they’re buying: Canadians are preferring to spend money on experiences like travel, dining, concerts, and subscriptions rather than material items. The idea of giving “experiences” over traditional gifts is partly driven by a desire to create lasting memories, as well as a way to offset the rising costs of tangible goods.
The preference for cashback over point-based programs is high among Canadians this season. What do you think makes cashback programs more appealing, and how can shoppers make the most of these savings opportunities?
Cashback programs are more appealing to Canadians because they offer immediate, tangible savings rather than the delayed rewards of point-based systems. Shoppers can quickly see the financial benefits in their accounts, whether through direct deposits, via Paypal or a Big Fat Cheque with Rakuten.ca, making them feel more in control of their spending. To maximize these savings, Canadians can focus on cashback credit cards, and combine them with promotions, and seasonal deals to stack savings. By strategically using these programs for everyday purchases and larger holiday expenses, shoppers can stretch their budgets further while enjoying the instant gratification of real money back.
Given that 63% of Canadians plan to start their holiday shopping earlier to spread out expenses, what are some of the benefits of this approach, and do you have tips on the best ways to shop early without missing out on bigger sales?
Starting holiday shopping earlier allows Canadians to spread out expenses, reducing financial pressure during the holiday season. This approach helps avoid last-minute stress and gives shoppers time to compare prices, take advantage of early discounts, and avoid impulse buying.
To shop early without missing out on bigger sales, signing up for email marketing from Rakuten.ca can give you an overview of what deals are available from your favourite retailers, and using the platform to maximize on Cash Back and savings throughout the season. By planning, shoppers can enjoy discounts without sacrificing the thrill of bigger holiday sales.
With rising financial stress among Canadians about holiday spending, what practical advice do you have for consumers looking to enjoy the holidays while staying within their budgets?
The holidays are a time for connection, not just spending, and it’s important to remember that the most meaningful gifts don’t have to come with a hefty price tag. Start by setting a clear budget and sticking to it, prioritizing thoughtful, personalized gifts like a heartfelt homemade item, an experience shared, or a simple gesture that shows you care. Consider focusing on quality over quantity and embracing the joy of giving without the pressure of overindulgence. Take advantage of early sales, use cashback offers, and share the load with group gifts to ease the financial strain. Ultimately, the true spirit of the holidays comes from the love and memories we create, not just the amount of money spent.
Personal question: what’s on your Black Friday shopping list?
I am looking for a chic new couch for my condo, so I will be keeping an eye out for deals at Simons or Wayfair, and I’d like to snag some platform Uggs or Birkenstocks clogs from Little Burgundy as well. And – of course – I am always open to any other amazing deals that find their way to me!
Win! A $200 Rakuten Shopping Credit!
One lucky Canadian winner will receive $200 deposited into their Rakuten member account! If they’re not a member, they can sign up using this link to receive their prize. To enter, head over to Instagram, follow @rakutenca and @vitadailymedia and make sure to fulfil all the entry rules in the caption of the corresponding contest post. Contest opens November 24, 2024 and closes December 1, 2024. Complete contest rules and regulations here. Please note: if you are the winner, you will receive a DM (direct message) in Instagram directly from @vitadailymedia. Please be wary of fake accounts, which often use similar handles with an extra or missing letter, number or symbol. We will never ask for a payment or for your credit card number, and we will never ask you to click through a link. If you are unsure whether you have been contacted, via Instagram, by us or a fake account, email us before responding.
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