Understanding The Impact of Tariffs on
Holiday Spending
November 2025
Brought to you by:
While sentiment about the current economic situation remains mostly negative, Canadians are feeling slightly more optimistic about their financial future than in the summer.
Perceptions of Current Economic Situation
%
of Canadians feel negatively about the current economic situation
vs 78% in August
Top Emotions Around Current Economic Situation
While Canadians continue to feel pessimism and anxiety due to tariffs, feelings of hopefulness have almost doubled since the summer.
Pessimistic
17%
vs 16% in August
Anxious
14%
vs 13% in August
Hopeful
14%
vs 8% in August
Frustrated
13%
vs 17% in August
Level of Optimism about the Future
- 8-10 (unchanged since August) 12%
- 5-7 (unchanged since August) 47%
- 1-4 (vs 40% in August) 42%
*10 being very optimistic on the scale
Level of Optimism about Financial Future
- 8-10 (vs 22% in August) 20%
- 5-7 (vs. 49% in August) 51%
- 1-4 (unchanged since August) 29%
Despite continued unease around the economy, one third are excited for the holiday season, and feelings and anxiety or dread are less common overall.
Feelings Towards This Holiday Season
- Excited and looking forward to it 35%
- Neutral – I feel neither positive nor negative 40%
- Anxious or stressed about it 15%
- I’m dreading it / feeling down 8%
- Not sure 3%
Most plan to begin their holiday shopping in November, although over 1 in 3 have already begun.
2025 Holiday Spending Start Date
- I’ve already started! 37%
- Early November 6%
- Mid-November 18%
- Late November 19%
- Early December 12%
- Mid-December 6%
- Late December 3%
Note: Of those who started their holiday shopping already, 70% began in September.
2 in 3 plan to do at least some shopping online, with 1 in 4 shopping exclusively online for the holidays.
%
Online
%
In-store
%
Equally online & in-store
Top 3 Online Shopping Channels
- On online marketplaces, like Amazon 69%
- On store or retailer websites 57%
- Directly from brands on their own websites 49%
Top 3 Store Types Shopping At For 2025 Holiday Season
- Big-box retailers (i.e., Walmart, Target) 55%
- Warehouse clubs (i.e., Costco, Sam’s Club) 46%
- Supermarkets / grocery stores (i.e., Kroger, Safeway) 43%
In-store retail continues to be a crucial for Canadians, with big box and warehouse retailers being go-to destinations for Canadians.
2 in 5 Canadians indicate that they expect to spend less money on the holidays this year, due to cost of living, reducing consumption, and conscious spending
How Much Do Canadians Plan to Spend on the Holidays?
- I expect to spend A LOT MORE 2%
- I expect to spend SOMEWHAT MORE 15%
- I expect to spend the SAME as last year 45%
- I expect to spend SOMEWHAT LESS 27%
- I expect to spend A LOT LESS 12%
Top Reasons for Spending Less
Cost of Living
Cost of living in Canada is ridiculously high. Basic needs like groceries or housing has skyrocketed. Not as much disposable income as before
Reducing Consumption
I’m spending less on things I don’t need. We don’t need the newest gadgets or more holiday cookie jars… I don’t want more stuff that I don’t need.
Conscious Spending
I’m spending less on other categories to compensate on spending more for a cabin getaway.
While many are cutting back in smaller categories, a notable share still plan major purchases: 1 in 3 for big-ticket items and nearly 1 in 5 for vacations — signaling a shift toward more intentional, high-value spending.
Top 5 Categories Spending LESS On
Among Purchasers of Category
- Home/Kitchen Items 47%
- Party Supplies 44%
- Christmas Trees/Decorations 39%
- Clothing & Winter Wear 39%
- Cards & Gift Wrap 38%
% Intend to Make A Large Purchase This Holiday Season
i.e. Car, Boat, Appliance, Major Electronic Device
%
% Intend to Take a Vacation This Holiday Season
Including Domestic and Foreign
%
Costs being too high and simply not having a need are the top reasons holding Canadians back from making large purchases this holiday season.
Despite concerns around cost and affordability, tariffs are unlikely to cause notable changes for Black Friday or Cyber Monday shopping.
While 3 in 4 Canadians indicate major sales like Black Friday or Cyber Monday have at least some impact on their holiday shopping, most don’t anticipate leaning on these sales more than previous years.
Influence of Major Sales on Holiday Shopping (i.e. Black Friday, Cyber Monday, etc.)
- A lot – I plan my holiday shopping around these events 11%
- Somewhat – they influence a few of my purchases 31%
- A little – I might buy something if there’s a great deal 32%
- Not at all – these events don’t affect my shopping plans 26%
Relying on Major Sales for Holiday Shopping (i.e. Black Friday, Cyber Monday, etc.) This Year
- More than in previous years 14%
- About the same as previous years 42%
- Less than in previous years 11%
- I don’t usually shop during these events 32%
Streaming services could take a hit as Canadians look to tighten their purse strings this holiday season.
Consumers are largely holding steady on streaming, with few adding new subscriptions and about 1 in 5 cutting back to reduce spending.
Plans to Sign Up For Streaming Services
- Planning to subscribe to new streaming services 0%
- Planning to re-subscribe to streaming services I used before 7%
- Sticking with what they already have 75%
- Planning to cancel or pause streaming subscriptions to save money 18%
Netflix, Prime Video and Disney+ are the main services Canadians show interest in siging up for.
A word on our approach...
Fine Print:
A Nationally Representative Angus Reid Group Sample
Sample Size: n= 502 Canadians aged 18+ years old
Fieldwork dates: November 4-10, 2025
Mobile Chat
Thank You:
Thank you for joining us this fall as we explored how economic policies and tariffs are influencing daily life. From shifting consumer choices to evolving financial outlooks, this research has helped us uncover how these forces are shaping the months ahead.
Curious to know more?
Email marketing@reach3insights.com or
use the Contact button below.
www.reach3insights.com
info@reach3insights.com // SMS: (833) 4Reach3 // Phone: (833) 4Reach3