The 2018 holiday season saw massive growth compared to 2017. Mastercard's SpendingPlus reports a 5.1% growth in holiday sales globally, an amount of over $850 billion. Canadians were also expected to increase their holiday spending, by more than 3.5% over 2017 according to a survey conducted by PwC Canada. Canadian's estimated their holiday spending to reach an average of $1563 per person, with only 13% expected to spend less than they did in 2017.
Holiday spending is generally tracked from early November until the end of December of each year and includes any expenses that are above normal spendings, such as gifts, travel, and experiences with family and friends. According to PwC, travel expenses make up the highest proportion of holiday spending, with gifts taking second place. Men on average spend more during the holiday season than women, with larger percentages of spending being devoted to travel and experience related costs.
While in-store retail shopping remains the largest proportion of gift spending, it makes up less than 50% shopping in Millenials (PwC lists millennials as being 23-36 years of age). Online shopping, including shopping from smartphones or tablets, continues to increase year over year. Amazon had another record-breaking holiday season, shipping over 1 billion items with their Prime service this season. Click-and-collect options also saw increased use over the holiday season, primarily due to a desire to avoid shipping charges.