By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator – Thursday August 27, 2015
Declining dollar has Canadians rethinking cross-border shopping habits
Many Canadians are wondering if they can cram some last-minute cross-border travel plans into the next few weeks while others are already deep into back-to-school shopping excursions. And money – more than ever before – is taking precedent in the planning.
While it has not been definitively declared a recession, Canada’s shrinking economy certainly has some residents concerned. According to a recent survey from digital offers RetailMeNot.ca, 73% of Canadians are worried about the nation’s economy. July’s interest-rate cut was made in hopes of stimulating growth, but only 31% of survey respondents feel confident that the Canadian dollar will strengthen before the end of the year – making it more important than ever for Canadians to stretch their income further.
The current state of the economy has Canadians paying more attention to their spending habits. Sixty-five per cent agree that it’s important to stick to a budget no matter the personal sacrifice, with 62% stating that cutting back has them missing out on certain activities. Research shows other habits Canadians are adopting to save money include buying everything on sale (72%), limiting meals at restaurants (62%), searching for coupon and promo codes (49%) and taking public transportation or carpooling (18%).
“Nearly half of Canadians are worried about being able to afford everything they need this year,” says Kristen Larrea for RetailMeNot, Inc., operators of the world’s largest marketplace for digital offers. “However, with a little savvy spending, consumers should be able to satisfy their needs and wants throughout 2015. Simple behavioural changes, such as utilizing price comparison tools and checking for online promo codes, will help Canadians maximize their purchasing power, so they can get more for their money.” (Source: Toronto Sun)