B.C. Boxing Day shoppers search for big savings to counter high cost of living

CBC
·2 min read
More Canadians have been bargain hunting this holiday season, according to data from the Angus Reid institute. But retail analysts say big bargains are getting harder to come by. (Spencer Colby/The Canadian Press - image credit)
More Canadians have been bargain hunting this holiday season, according to data from the Angus Reid institute. But retail analysts say big bargains are getting harder to come by. (Spencer Colby/The Canadian Press - image credit)
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Shoppers across B.C. were out on Boxing Day in search of the perfect bargain.

But the deals on the day after Christmas didn't turn out to be a blowout for some shoppers.

Cam Fitzmaurice, who was shopping for a new TV on Tuesday, said the discounts weren't as significant as he had hoped.

"It's not really pushing the envelope that much," he told CBC News.

More Canadians are being careful about their spending, according to data from the Angus Reid institute.

Retailers, meanwhile, are resisting offering deep discounts this season, says David Ian Gray, a retail analyst with Vancouver-based DIG360 Consulting.

"I've seen [retailers] really be disciplined through a lot of the season on not offering big wide discounts," Gray told CBC News.

A recent poll from Angus Reid Institute and DIG360 found 93 per cent of respondents are being more — or somewhat more — careful with expenses this year. Nearly three-quarters of respondents said they had been hunting for bargains since Black Friday.

"This is definitely a high number compared to previous years," Gray said.

The pressure of high interest rates and inflation is also being felt by retailers. Retail strategist David Ian Gray says retailers are resisting giving deep discounts this season.
The pressure of high interest rates and inflation is also being felt by retailers. Retail strategist David Ian Gray says retailers are resisting giving deep discounts this season.

Retail analyst David Ian Gray says retailers are resisting giving deep discounts this season. (CBC)

At Best Buy on Cambie Street in Vancouver, store leader Derek Mayes-Krone noticed an increase in the number of Boxing Day shoppers.

"The store is a lot busier than last year," said Mayes-Krone. "We are excited to finally have Boxing Day sales in full swing since the pandemic."

The rise in traffic at stores in Surrey has also been encouraging, says Jasroop Gosal, policy and research manager with the Surrey Board of Trade.

"Most small businesses see record profits for the entire year around this time," Gosal told CBC News. "We know businesses have been feeling quite a lot of pressure but this Boxing Day is going to provide a much-needed respite."

Gosal added that many consumers, squeezed by high interest rates and affordability issues, are more hesitant when it comes to discretionary spending.

In recent years, more sales are popping up between Black Friday and Boxing Day, Gosal said, in recognition that the average consumer has less money to go around.