Ottawa, ON – Canadians have just paid more for Thanksgiving after eleven years of Liberal policies that have driven up the cost of everything. Now, as Christmas draws closer, families are watching every dollar.
A new Deloitte Holiday Retail Outlook found that nearly one-third of Canadians plan to spend less this holiday season. One in three Canadians say their household finances are worse than a year ago. Almost half of Canadians expect the economy to weaken by 2027, and concerns about a possible recession have climbed to 74 per cent.
Holiday spending is expected to fall 14 per cent this year, from $1,521 in 2025 to $1,305. Spending on holiday entertaining and experiences is projected to decline by 22 per cent and 20 per cent respectively as families look for ways to stretch their budgets.
Canadians are also more focused on finding value. 78 per cent of Canadians plan to actively seek out discounts and promotions, while 77 per cent prioritize reasonable prices and value when choosing where to shop.
These financial pressures extend far beyond the holiday season. 44 per cent of Canadians say they are $200 or less away from financial insolvency each month. More than half say they lack enough savings to support themselves or their families for six months following a job loss without borrowing or falling behind on bills. Consumer insolvencies reached 140,457 in 2025, the highest since 2009.
Meanwhile, household debt stood at 176.4 per cent of disposable income in the second quarter of 2026, meaning Canadians owed roughly $1.76 for every dollar of disposable income they earned. All this while Canada just hit a 29-year low in labour force participation outside of the pandemic with 68,000 jobs lost in September.
Families are being forced to cut back because the Liberals won’t. Mark Carney has doubled Justin Trudeau’s deficit, causing inflation today and higher taxes tomorrow. While Canadians face the highest housing costs in the G7, the Liberals keep building bureaucracy instead of homes. Over 500 projects await approval while Liberal bills C-49 and C-69 continue blocking development. Reckless immigration added people faster than jobs, homes or health care.
Canadians are paying more, getting less and falling further behind. The Liberals are out of touch and Canadians are out of money.
Conservatives will never stop fighting to restore the promise of Canada. We will save you money by lowering taxes, unleashing investment, removing barriers to growth and advancing a real Economic Action Plan that helps Canadians keep more of what they earn and get ahead.