After the holiday celebrations, Montrealers hit the sales racks, but boxing day this year is looking different than past years.
A combination of online shopping, inflation and high interest rates are affecting consumer spending.
A steady stream of shoppers pounded the Montreal pavement on the hunt for deals, but disappointment ensued.
“It’s not very good at the moment,” said shopper Frédérique Caron who is visiting from Quebec City.
Caron says discounts weren’t as deep as she expected.
At Best Buy downtown, the usual snarling line of customers waiting to go in store was small.
People looking for a bargain say prices are just not the same.
“Everything is so expensive due to inflation,” said Ali Sher.
Meanwhile, less Boxing Day wrestling is happening in stores as customers make their purchases online.
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A recent survey conducted by Quebec’s retail council shows 56 per cent of Quebecers planned to head to brick and mortar stores to shop for holiday sales while 22 per cent will do their purchases online.
Another factor in Montreal: public sector strikes. Many Quebecers are on an unlimited strike due to salary and working condition negotiations and are not being paid.
“We don’t have as many sales as last year, that’s for sure,” said Damien Silès, head of Quebec’s retail council (CQCD).
Silès says people are prioritizing their shopping, so food is at the top of the list.
People are also sticking to a budget this year. It’s a wise decision, according to financial experts who advise not to get carried away by the red tags.
“At the end of the day, if you’re going to carry this on a credit card for a year, a year and a half, carrying a 20, 22 per cent rate, the 50 per cent now only feels like 20 per cent or 25 per cent,” said François Martel, Regional Vice-President of Financial Planning at BMO.
Not all that glitters is gold.
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