A recent survey conducted by RetailMeNot, Inc., a company that operates the world’s largest marketplace for digital offers, found that 73 per cent of Canadians are worried about the nation’s economy. In this economic state, Canadians are evaluating their spending habits with the intent of cutting back to stretch the dollar.
What can be done to cut back? The study went on to highlight what Canadians are currently undertaking to stay within their budgets. Among the findings was that some 72 per cent of Canadians are buying everything on sale while 62 per cent are eating less at restaurants. These are not indicators of Canadians with large amounts of disposable income.
Other signs of reduced spending (or increased thriftiness) in the study were that 49 per cent of Canadians are using coupons and promo codes and that 18 per cent are using public transportation or carpooling.
“Nearly half (47 per cent) of Canadians are worried about being able to afford everything they need this year,” says Kristen Larrea for RetailMeNot, Inc. “However, with a little savvy spending … simple behavioural changes, such as utilizing price comparison tools and checking for online promo codes, will help Canadians maximize their purchasing power, so they can get more for their money.”
Even with summer vacation season upon us, many Canadians are apprehensive about making the trip south of the border. Over half of respondents (58 per cent) surveyed indicated that the weak Canadian dollar would stop them from visiting the U.S. this summer, while 66 per cent said that cross border shopping isn’t possible owing to the loss on the exchange.
As a result of these cut backs, we will continue to see a decline in spending in the technology space as well. This will affect the sales and the bottom line of many companies as consumers continue to look at ways to cut unnecessary expenses while focusing on covering daily living expenses.
On the bright side, 31 per cent of Canadians believe that the exchange rate will get better by the end of the year due to July’s interest rate cut, which was done by the Bank of Canada to stimulate growth.
But for investors, politicians and everyday Canadians the question remains; which side of the coin will it be: Recession or Growth?
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