The Canadian Press reports that, although final numbers aren't yet in, holiday spending in Canada looks to be up about 5% in comparison to last year. Fueled mainly by the baby boomer community, this means that sales in the consumer electronics category has been favourable. In fact, The Canadian Press cites certain Best Buy store locations as having topped $1 million in sales on just Boxing Day (December 26)!
Having walked into a Best Buy store on Boxing Day, I can attest to the pandemonium: there were line-ups a mile long at every cash register around the store, while customers were fighting one another to snag the best deals. By the weekend, line-ups to return or exchange merchandise (gifts that didn't quite fit the bill, perhaps?) were just as long.
It's great news that retail appears to be live and well in Canada, despite issues of cross-border shopping for perceived "better deals" in wake of the strong Canadian dollar. It's also encouraging given the increasing popularity of online shopping. It appears that, although many consumers are turning to the web to get their shopping done, it complements rather than replaces the in-store retail experience, with many still appreciating the face-to-face sale. When it comes to the holidays, even though you might have to wait in line for hours, bump shoulders with a hundred people on your way out the door, and endure the cold weather, snagging that great deal was probably worth it.
Happy New Year!
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