TORONTO -- The holiday season is fast approaching and it鈥檚 often thought of as the make-or-break season for retailers. This year, that statement will take on a whole new meaning. As it stands, Canada could lose a further 158,000 (14 per cent) of small businesses, depending on the severity of the second wave COVD-19.
With Amazon Prime Day in full swing, will Canadians shop online until they drop? Will the deals be too appealing to shun?
Maybe. Shopping online appears to be the safer way to go according to reports that state the virus can remain active on currency and glass surfaces, such as your mobile phone, for up to a month. And there鈥檚 little doubt that online shopping is growing in popularity.
That, however, doesn't mean Amazon will get the lion's share of your dollars, even if you are spending less this year.
has found holiday shopping will drop a whopping 30.7 per cent and the average household will spend approximately $1,104.
Sure, Canadians are more budget conscious this year and understandably so, given we are now in the seventh month of economic disruption due to COVID-19, yet it is also becoming apparent, , a "K" shape recovery is emerging.
The rich are getting richer and the poor are getting poorer.
Our small business survival in Canada is going to be dependent on your spending decisions. In other words, if you can afford to spend - now is the time to do it. We care about local businesses and many have told me via social media they plan to spend locally.
This data is also supported in a Leger survey commissioned by Moneris, which shows that 76 per cent of Canadians intend to shop local this season, and 70 per cent will do more shopping online.
The survey findings found more women (80 per cent) than men (72 per cent) want to support local businesses and will increase their online shopping. Twenty eight per cent plan on giving gift cards, while just 37 per cent of Canadians plan to travel within their province, but outside of their city. Thirty six per cent are also planning to buy outdoor/indoor items to enjoy at home in the weeks to come.
Here is the good news, despite all the hype around Amazon Prime, Black Friday was the busiest shopping day in 2019. However, that could shift this year as consumers shop with more intention, shop online, look for deals, and make a concerted effort to buy locally.
For those who can, we can truly help those businesses who need our support.
