Retailers say they're feeling the squeeze as B.C. shoppers spend less this holiday season
Things aren’t so jolly for many retail stores this holiday season.
Inflation has reduced some of the season's spending spirit, and many places are promoting Boxing Day-type sales earlier than ever.
“Definitely slower, less things being bought, people trying to save money, coming in for the deals,” said Jonathon Boyd, who works at Plenty, a clothing store in Saanich.
A recent survey from Research Co. showed British Columbians are planning to spend more than shoppers from most provinces. Still, shoppers in B.C. are not immune to the soaring cost of living.
And inevitably, that means stores here are being impacted by those tightened belts.
“There’s no question where somebody might have spent $100 on gifts last year at retail, that maybe they're only spending $85 this year,” said Jeff Bray, the head of the Downtown Victoria Business Association,
“Fewer people are buying, and the people who are buying are buying fewer items—and maybe looking for bargains,” said Andrew Pavlov, a finance professor at Simon Fraser University.
Meanwhile, Dale Olsen, the owner of Outlooks for Men clothing store, said Monday that although sales are down a bit from last Christmas—which was already a slow season—it’s part of a trend.
“Oh, there's a lot of restraint out there, most definitely, and it’s been developing for a while,” he said. “I mean a lot of people just don’t go spending big at Christmas.”
This holiday season though, there's extra stress on some retailers. It's not just the pressure of inflation, many small businesses are now also facing the spectre of government COVID loans due Jan. 18. If they’re not repaid on time, those loans get a lot more expensive.
Interest will start applying to the loans, and the $20,000 portion that was forgivable will also have to be repaid—also with interest.
“It’s a crunch time for many local businesses for sure,” said Megan Johns, the owner of Saanich store The Green Kiss.
And the crunch time is getting more tense with exactly one week until Christmas.
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