It’s that time of the year when the holidays are right around the corner, and everybody is brimming with excitement for the festivities and celebration. December is the time of holiday lights, window displays, ice skating and the best sale prices and shopping all year.
In a recent survey brick and mortar stores are still the preferred choice for deal-hunters, and only 28% of Canadian holiday budgets are expected to be spent online. The survey also found that those who shop on Black Friday plan to spend more of their holiday budget on that day than those who plan to shop after Christmas.
When it comes to ethnic groups, shopping for the holidays is just another reason for them to spend and bring in the New Year. Most ethnic groups eagerly await festivals and holidays to make purchases and expenditures. About 53% of Chinese Canadians shop during sale days like Black Friday, Cyber Monday, etc while about 58% make purchases during Christmas. In addition, around 61% of Chinese and 64% of South Asians tend to buy on the basis of quality and not price, compared to 54% of the general population. What’s more, 52% of Chinese and 58% of South Asian consumers consider themselves to be very brand loyal, compared to the rest of the population suggesting that festivals and holiday season heavily influence their decisions to make purchases along with their brand loyalty and familiarity with a brand and its quality that would result in purchase decisions. They are also very actively present online, which is a reason why most of their holiday purchases could mostly result in online purchases and sales. The luxury retail sector is heavily influenced by the Asian and South Asian community during this time of the year, specifically due to the loyalty that these groups have towards brands that provide a certain social status.
This year, the average Canadian spending across the country especially in regions of British Columbia and Ontario is estimated to be $688 and $805, respectively which is supposed to be amongst the highest of all the regions in the country. This is especially interesting to note as both the regions are highly diverse with British Colombia having 28.3% and Ontario having 29.1% of immigrant population . This year it will be interesting to note how these communities will make their expenditures for the holiday with various brands actively participating and throwing in deals to rope in new and specific type of customers.
At Maple Diversity, we work to help brands achieve the most optimum reach to a broader and more diverse audience and influence purchase decisions that are of value to them. For more information on how we can help, contact us.