Holiday shopping is officially underway in London, but many people say this season feels very different. With the high cost of living continuing to stretch budgets, shoppers are approaching Black Friday with more caution than excitement.
Inside Masonville Place this week, Londoners said rising prices on everything from groceries to clothing are shaping how they spend their money. Several people told XFM News they’re buying fewer non-essentials and sticking to tighter budgets than in previous years.
One shopper said this year’s holiday deals aren’t enough to justify spending more.
“It makes me spend less. The prices haven’t dropped that much, so it doesn’t really entice me to spend a lot,” he said.
For others, the cost increases have been more noticeable on specific items. One person pointed to the rising price of popular shoes.
“When I first bought Jordans they were $190 two years ago, now they’re $220,” he said.
Retail staff are also seeing a shift. At a wireless kiosk inside the mall, an employee said customers are waiting longer before committing to a purchase.
“People are very frugal until the week of Black Friday. They learn our deals, but they don’t have the money to spend until Black Friday,” she said. “It’s not just one type of customer; collectively, we’re all trying to save money.”
The trend isn’t limited to London. A national survey shows six in 10 Canadians are planning to change their holiday spending this year because of higher costs. Another study found the average planned holiday spend is down ten per cent compared to last year.
Some Londoners say they’re also becoming more skeptical of Black Friday sales altogether. A pair of shoppers said they feel the discounts aren’t as meaningful as they used to be.
“They jack up the prices and give a discount so it’s still the same price,” one said. “I feel like I save no money on Black Friday.”
With Black Friday just days away, shoppers say the focus this year is less about splurging and more about stretching every dollar while still trying to enjoy the holidays.
