A majority of Canadians say they plan to spend less money on Christmas this year, according to a poll by the Angus Reid Institute.
The survey found that 56% of respondents will cut back their spending on gifts, decorations and entertainment.
The poll comes as Canadians’ optimism about their finances continues to deteriorate.
A total of 31% of people surveyed said they are pessimistic about their financial situation heading into 2023, which is a 2% increase from the same period of 2021.
About 20% of Canadians think they’ll be better off financially a year from now and 41% think they’ll be in the exact same financial situation.
Many Canadians began reducing their spending heading into the year-end holidays.
The report found that 64% of respondents cut back on their discretionary spending, which is up 7% from August of this year.
Canadians are also scaling back their travel plans, with 37% saying they’ve cancelled or reduced their vacation plans, up 5% from August.
