May your Christmas be merry and tight.
That's right -- tight, as in cash-strapped, hard up, financially hamstrung.
A new survey shows 71.5% of Canadians are doing some belt tightening this season and plan to cut back on Christmas spending this year.
Of course, holiday spending is about more than just Christmas gifts.
It also includes the money dished out for lights and decorations, food and booze, entertaining, going out to Christmas bashes and even travel, be it to the in-laws or Cancun.
So, expect the cost-cutting to happen in all Christmas realms.
It was debt relief company and licensed insolvency trustee Harris & Partners who polled Canadians last month to find out how the rising cost of living would be impacting holiday spending.
The marquee number in the survey is the aforementioned 71.5% who will be trimming their holiday spending as well as trimming the tree.
Tied into that, 85% said they will be setting a strict Christmas spending budget.
Whether or not everyone sticks to their strict budget remains to be seen.
Financial resolve can waver under the pressure to spend, spend, spend on everything Christmas.
84% believe Christmas has become more expensive than last year.
Thank still-rising inflation, tariffs, the ever-escalating cost of living and stagnant wages for that.
62% do not feel financially prepared for Christmas.
And, 53% feel anxious about affording the holidays, even if they intend to cut back.
.jpg)
"These figures show a meaningful change in how Canadians are approaching the holiday season," said Joshua Harris, the CEO of Harris & Partners, which has offices in Duncan on Vancouver Island, Calgary, Toronto and Halifax.
"Christmas remains an important time for connection and celebration, but this year it will look different for many households."
That might mean families still get together and have a nice dinner, but there could be fewer presents, the decorations aren't as elaborate and the booze not as expensive.
A lean Christmas can be good.
Focus on spending time with those you love and discuss how Christmas will be different this year to manage expectations for expensive gifts and over-the-top activities.
A bright spot in this survey seems to be that 86% of respondents do not expect to borrow or use credit to pay for Christmas this year.
Meanwhile, Harris said that number doesn't tell the whole story.
"Some households are choosing to avoid debt, which is positive," he said.
"However, for others, the option to rely on credit may no longer be available (aka you've already maxed out your credit cards and lines of credit). This leads to reduced spending and, in many cases, increased stress around meeting expectations during the holidays."
Harris encourages people to start planning now, while it's still early in the Christmas spending cycle, to set realistic budgets and seek financial guidance, if needed.
"When people feel pressure to make the holidays meaningful, yet worry about how to afford them, the stress is significant." said Harris.
"The emotional impact of financial strain is real and this time of year can intensify it."
