Friday, June 14, 2024

Higher costs affect Canadians

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Tony Vaughn
Tony Vaughn
"Total creator. Evil zombie fan. Food evangelist. Alcohol practitioner. Web aficionado. Passionate beer advocate."

“In many ways, the very essence of Canadians’ daily life has changed – and this is reflected as much in the choice of travel destinations and entertainment sources as in the way they work and support themselves,” said Daniel Baer, ​​Accreditation Leader, Consumer Products and Retail from EY Canada.

To combat inflation, Canadians reduce their consumption and choose less expensive products. The categories of goods most affected by these changes are clothing (40%), cosmetics (37%), and large items (34%).

Even when it comes to running errands, Canadians have changed their habits. Most of them head to the brand stores to buy their food.

“People are beginning to focus on the areas of their lives that they feel they have more control over, including what they spend their time and money on, and ways to improve their physical and mental health,” says Daniel Bayer. Consumers expect to lead modest lifestyles after the pandemic and to place greater value on experiences. More than a quarter of Canadians spend more in this category than on material goods. »

Now many consumers, in fact two-thirds of them, are choosing experiences at home over experiences outside of the home. Those who are ready to go out are more demanding than the physical stores and only go to the ones that can give them the best experience.

“Together with consumers’ growing desire for simplicity and flexibility, the most engaging experiences will be those that are easily accessible and require little time investment, leading to more digital touchpoints, seamless experiences, and personalized consulting in the metaverse,” according to Daniel Baer.

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