EP313 Canadian Holiday Spending Outlook with Myles Gooding, PwC

12/05/23 • 16 min

How are Canadians navigating the holiday season amidst economic challenges and evolving retail landscapes? In this episode of Young Money, I’m joined by Myles Gooding, PwC Canada's National Consumer Markets Leader, to explore the Canadian Holiday Outlook Survey's findings.

Listen as we dive deep into the spending behaviors of different generations and examine how cutting-edge retail technologies like AI, AR, and the metaverse are revolutionizing the way we shop. Myles also offers a wealth of insights into the current trends shaping Canadian consumer habits, as well as why Canadians are increasingly focusing on travel, supporting local businesses, and making socially responsible decisions in their holiday shopping.

“Safety concerns now in the rearview mirror, in-store shopping is actually continuing to make a pretty large number.” - Myles Gooding

This Week on Young Money:

Insights into consumer spending trends.
The impact of inflation on consumer choices and spending habits.
The role of emerging retail technologies in enhancing the shopping experience.
Generational differences in holiday spending.
The growing popularity of 'Buy Now, Pay Later' among Gen Z consumers.
The importance of supporting local businesses and making socially responsible purchases.
Strategies for managing holiday expenses and staying financially fit.

Key takeaways:

Understand the changing dynamics of consumer spending.
Recognize the influence of technology on modern shopping.
Learn how different generations approach holiday spending amidst economic challenges.
Discover the significance of socially responsible and community-focused purchasing.
Gain insights into effective budgeting and financial planning for the holidays.

Resources Mentioned:

Rate, Share & Inspire Other Young Millionaires-in-the-Making

Thanks for tuning into the Young Money Podcast - the advice show for young millionaires-in-the-making! If you enjoyed this week’s episode, head over to Apple Podcasts and leave us a rating and review. Visit our website to learn how easy it is to leave a review on Apple Podcasts.

Don’t forget to share your favorite episodes on social media!

Follow the Young Money Podcast on iTunes so you never miss an episode and reach out to us on Facebook, Twitter, LinkedIn, our LinkedIn Company Page, or by visiting our website.

“Safety concerns now in the rearview mirror, in-store shopping is actually continuing to make a pretty large number.” - Myles Gooding

This Week on Young Money:

Insights into consumer spending trends.
The impact of inflation on consumer choices and spending habits.
The role of emerging retail technologies in enhancing the shopping experience.
Generational differences in holiday spending.
The growing popularity of 'Buy Now, Pay Later' among Gen Z consumers.
The importance of supporting local businesses and making socially responsible purchases.
Strategies for managing holiday expenses and staying financially fit.

Key takeaways:

Understand the changing dynamics of consumer spending.
Recognize the influence of technology on modern shopping.
Learn how different generations approach holiday spending amidst economic challenges.
Discover the significance of socially responsible and community-focused purchasing.
Gain insights into effective budgeting and financial planning for the holidays.

Resources Mentioned:

Rate, Share & Inspire Other Young Millionaires-in-the-Making

Don’t forget to share your favorite episodes on social media!

Follow the Young Money Podcast on iTunes so you never miss an episode and reach out to us on Facebook, Twitter, LinkedIn, our LinkedIn Company Page, or by visiting our website.

Previous Episode

EP312 Check Up On Your Financial Health

Are you equipped to handle the complexities of managing debt and navigating financial emergencies? In this episode, I dive into the crucial aspects of financial health, focusing on debt management and emergency preparedness. November, being Financial Literacy Month in Canada, serves as a timely reminder to assess and enhance our financial literacy, a key component of overall financial wellness.

Join me as I explore the theme of this year’s campaign, "Managing Your Money in a Changing World," and discuss practical tips and strategies for dealing with debt, creating budgets, and setting up emergency funds. I’ll cover the importance of understanding your financial rights, the benefits of having a solid plan for debt repayment, and ways to increase income and reduce expenses. Plus, I’ll offer insights on how to navigate financial emergencies, from contacting financial institutions to considering mortgage deferrals and credit card payment holidays.

"Managing debt is one of the key consumer building blocks that leads to greater financial resilience." - Tracey Bissett

This Week on Young Money:

The significance of financial health checks and understanding debt management.
Strategies for creating budgets, paying off debts, and avoiding additional debt.
Tips for setting up an emergency fund and reducing expenses.
Guidance on navigating financial emergencies, including mortgage relief options and credit card payment holidays.
The importance of seeking professional financial advice and being cautious of misleading information.

Key takeaways:

Get a pulse on your financial health.
Manage your debt.
Optimize your financial health.
Know your financial rights.
Create a budget.
Save and invest.
Get help when you need it.

Resources Mentioned:

Rate, Share & Inspire Other Young Millionaires-in-the-Making

Don’t forget to share your favorite episodes on social media!

Follow the Young Money Podcast on iTunes so you never miss an episode and reach out to us on Facebook, Twitter, LinkedIn, our LinkedIn Company Page, or by visiting our website.

Next Episode

EP314 Celebrating 6 Years of Young Money

Six years, 314 episodes, a global audience across 40 countries, and over 350,000 downloads—join me in celebrating the incredible journey we've had on the Young Money podcast. With educational and entertaining content from all of our inspiring guests, I hope this show has guided you on your financial fitness journey.

Listen in as I reflect on the past and share how my personal experiences and newfound perspectives will shape the future of Young Money. From addressing current issues to sharing listener stories and exploring the impact of biases on financial fitness, I plan for the next chapter to be relevant, insightful, and connected to what you want to hear.

“It's about taking those small imperfect actions that increase your foundation of financial knowledge so you can navigate your life, personally and professionally, with confidence.” - Tracey Bissett

This Week on Young Money:

How we have had to adapt to the ever-changing financial landscape.
How Young Money has changed in the past six years.
The power of shared experiences.
The role biases play in financial fitness.
How I have changed since starting the show.
The complexities of financial fitness.

Key takeaways:

Embrace community.
Be adaptable.
Remain open to learning new things.
Learn to pivot.

Resources Mentioned:

Rate, Share & Inspire Other Young Millionaires-in-the-Making

Don’t forget to share your favorite episodes on social media!

Follow the Young Money Podcast on iTunes so you never miss an episode and reach out to us on Facebook, Twitter, LinkedIn, our LinkedIn Company Page, or by visiting our website.