Dec. 20 busiest shopping day of the year but spending down from 2023

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The busiest shopping day of the year is predicted to be Dec. 20, according to Interac.

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However, the payment brand is predicting a dip in spending on that day with 25.9 million purchase transactions forecasted down from last year’s forecast of 27.8 million transactions on Dec. 22, 2023’s busiest shopping day.

Interact says last-minute deals may be the strategy for many Canadians looking to stretch their holiday budgets amid rising costs.

In addition, a quarter of transactions or 25.4% are expected to be at fast food restaurants and eateries while grocery stores and supermarkets come in second at 15% as Canadians prepare festive feasts.

Filling up the sleigh (or minivan) takes another 10.9% of transactions at gas stations. and all that essential spending leaves just 4.4% of those transactions being put towards gifts and holiday deals at clothing and department stores.

This trend aligns with recent Interac data showing Gen Z, aged 18-27, a key consumer demographic, prioritizing mindful spending (62% ) and the option to pay with debit for both in-store and online purchases (57% ).

The poll results came from Hill & Knowlton who used the Leger Opinion online panel to survey 1,500 Canadians from July 11-6, 2024 with an associated margin of error for a randomly selected sample ±2.5%, 19 times out of 20.

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