OTTAWA: Facing consumers planning to cut costs for holiday shopping this year, Canadian retailers have been compelled to kick off their Black Friday sales earlier than ever.
The phenomenon has transformed the traditional single-day event into a “season,” according to the Retail Council of Canada (RCC). The primary challenge this year, the RCC noted, is high inflation, which has led consumers to plan for reduced spending. As Canadian shoppers increasingly prioritize bargains and discounts, price has become the most critical factor during the season.
In a bid to meet customer expectations set by major players, even small merchants have started their Black Friday sales early. They hope this move will help attract foot traffic to their stores and clear out unsold inventory ahead of the holiday rush.
Major retailers like Best Buy and Walmart have extended their Black Friday promotions to span several weeks and are offering larger discounts compared to previous years. This extension allows customers the opportunity to shop earlier and avoid the massive crowds typically associated with the day itself.
A survey from the Bank of Canada indicated a notable shift in consumer interest: while shoppers previously expressed a desire to buy Canadian products, price now holds the ultimate sway. The survey suggested that most consumers are unwilling to pay more than a 10% premium for a ‘Made in Canada’ product. Despite this, small retailers remain hopeful that consumers will allocate at least a minor part of their holiday budget towards local brands.
