Canada (English)Canadians are bracing themselves for another year of coping with ongoing inflation. The persistent rise in the cost of living is prompting many households to examine and adjust their financial habits. From cutting back on dining to combing through sales flyers, what are the most popular ways Canadians plan to ride out inflation in 2024? New research from Ipsos reveals consumers’ plans.
Cutting Back on Dining
Inflation is on the Menu
With prices on the rise, Canadians are swapping restaurant reservations for home-cooked meals. In fact, over half of Canadians (53%) say they plan to cut back on dining out this year, making it the most-chosen way to deal with inflation in 2024.
Other Ways to Handle Inflation
In addition to reducing dining costs, many individuals are planning to use other strategies to ease the effects of inflation on their personal finances.
- Nearly half of Canadians (48%) plan to spend time looking at sales flyers. This approach is especially preferred among Canadians over the age of 55, with 58% of this group saying they will browse flyers for deals and discounts.
- Cutting back on entertainment (45%) is another top way to cope with inflation.
- Over two in five (42%) will put off purchases like new clothing. A stylish wardrobe refresh might have to wait until next year.
- Reducing holiday spending (42%) also makes the list of plans for dealing with the increasing cost of living.
However, not everyone plans to adjust their budgeting behaviour due to inflation in 2024. Despite the higher cost of living, one in ten (10%) Canadians say they don’t plan on making any changes to their spending this year.
Making the Most of It
Despite the challenges caused by inflation in 2024, Canadians are sure to get creative and discover new ways to enjoy life's pleasures within budget.
Every bit counts when navigating the landscape of inflation. When you participate in paid online surveys and research with Ipsos iSay, you can earn rewards like gift cards or cash transfers. Plus, your opinions will make a difference for societies, citizens, and brands. So be sure to check for available studies now!
Navigating Inflation in 2024
FAQs
What are the most popular ways to deal with inflation in 2024?
To cope with inflation this year, Canadians are planning to cut costs and find ways to save. The top five plans include cutting back on dining out (53%), looking at flyers for sales (48%), cutting back on entertainment (45%), putting off purchases like new clothing (42%), and cutting down on holiday spending (42%).
Are more Canadians planning to cut back on dining out this year, compared to last year?
In 2023, 57% said they cut back on dining. Over half still plan to cut back on dining in 2024, but the number is slightly lower at 53%.
Will all Canadians change their spending habits this year due to inflation?
Just one in ten (10%) Canadians say they don’t plan on making any changes to their behaviour in 2024 because of the higher cost of living.
The information shared in this article has been sourced from: https://www.ipsos.com/en-ca/canadians-cut-back-2023-and-plan-continue-cuts-2024
