• Among the 61% who have adjusted their holiday shopping plans due to tariff concerns, one quarter (25%) started holiday shopping earlier this year to avoid potential price increases as a result of tariffs.
• 41% will cut back on spending this holiday season.
• Canadians plan on spending an average of $2,310 this holiday season.

The latest BMO Real Financial Progress Index reveals 61% of Canadians are changing their holiday spending plans this year in anticipation of rising costs caused by tariffs.

• 37% are trying to buy gifts minimally affected by tariffs, including purchasing goods made in Canada.
• 25% started their holiday shopping earlier to avoid potential price increases.
• 15% are budgeting to spend more on gifts in anticipation of higher prices.

"In the wake of recent tariff increases, rising unemployment, and an upturn in inflation, it's not surprising that Canadian consumers are feeling a sense of trepidation heading into the holiday season," said Sal Guatieri, Senior Economist, BMO. "Though not elevated, annual CPI inflation has picked up to 2.4% in September after remaining below 2% in the previous five months, partly due to a 3.8% rise in food costs. By weakening the economy, the trade war has lifted the unemployment rate, undermining consumer confidence and income growth."

https://newsroom.bmo.com/2025-11-14-BMO-Survey-Three-in-Five-Canadians-Adjust-Holiday-Spending-Plans-Amid-Tariff-Concerns