B.C. shoppers try to stretch Boxing Day dollars amid increasing living costs

Shoppers took over Vancouver’s streets and shopping malls Tuesday in search of Boxing Day bargains.

But some deal-hunters found discounts harder to come by in 2023.

An annual holiday shopping survey conducted by Leger and the Retail Council of Canada found consumers were planning on spending more this year, but with the expectation of stretching their dollar.

"They would be looking for deals, they would be looking for savings, they would be making a budget more so than ever before," said Michelle Wasylyshen, a spokesperson with the Retail Council Of Canada.

Wasylyshen added that retailers have worked to match shoppers' expectations ahead of the holiday rush.

The numbers for Boxing Day have yet to be released, but the council is forecasting that spending was consistent across the past two months due to early deals.

"There were savings and different things that consumers look for, like free shipping and easy return policies," said Wasylyshen.

This year's holiday shopping season was marred by a national inflation of 3.1 percent, which has now sat idle for two months, according to Statistics Canada data for November.

The Consumer Price Index showed higher prices for recreation and clothing, putting upward pressure on inflation.

Canadians are also continuing to grapple with increasing grocery bills.

"We are expecting food prices to rise, unfortunately, for the first half of 2024, but we are expecting some price wars mid-way through the year," said Sylvain Charlebois, the scientific director of the Agri-Food Analytics Lab at Dalhousie University.

Charlebois has been at the forefront of monitoring the swings in food prices and said grocery stores will turn to incentives such as rebates and discounts to earn customer loyalty. He believes this will ultimately lead to prices being reduced on some products.

Based on the lab's report, the average family of four will have to spend an additional $702 on groceries over the course of 2024, but Charlebois says it could be avoided.

"The thing about 2024 is you will likely save a whole lot more. There will be more opportunities to save, so you do not have to spend the $702 more if you're very careful with all the discounts."