By: Shazia Nazir, Local Journalism Initiative Reporter, The Milton Reporter
Rising living costs and financial pressures are shaping how residents of Milton and the Halton region approach holiday shopping this year. Many are rethinking traditional gift-giving to reduce stress and avoid debt, echoing Spring Financial’s 2024 Holiday Survey findings, which highlighted nationwide trends.
According to the survey, 56 percent of Canadians find buying gifts the most stressful part of the holiday season, with millennials (64 percent) and Gen Z (66 percent) feeling the most pressure. In Milton and Halton region, residents have mixed responses when sharing their concerns.
“This time, it will be difficult to keep up expectations,” said Ayana Zendaya, a 34-year-old Milton mother of two. “My children long for holidays. However, multiplying grocery and utility bills means telling our kids that we can’t afford to buy gifts. This year, we’ve planned to watch a movie at home instead of buying costly toys.”
Others in the region are finding creative ways to celebrate. Francesco Carter, a 27-year-old Halton Hills resident and part-time student, has embraced homemade gifts. “I would prefer to make personalized candles and toys,” he said. It’s easily manageable and more creative than wasting money on machine-made toys. This activity will also motivate my family to get involved in a get-together and avoid unnecessary debt.
The survey also revealed that nearly one-third of Canadians cannot afford gifts this year, a statistic echoed by Halton region residents. “I am making both ends meet and don’t have the budget for presents,” admitted Lisa Thompson, a 42-year-old Miltonite who recently started a new job after months of unemployment. “Me and my family have decided to skip gifts this time. Instead, we will be cooking delicious foods and dining together.”
Meanwhile, some people showed optimism on managing holiday spending. “I have a very tight budget, and I have planned to pay off my debts instead of affording extra expenses,” said Sonu Patel, a 29-year-old teacher in Burlington. “My be I will carry holiday expenses into the next year.”
“Canadians are feeling the financial strain of holiday spending this year more than ever,” shared Tyler Thielmann, President and CEO of Spring Financial.
“In these tough economic times, it’s encouraging to see so many people finding creative ways to avoid debt and consider alternative gift options. I hope this shift reassures those who are financially stretched that they’re not alone—and that it’s perfectly okay to explore meaningful, less costly ways to celebrate.”
As residents across Milton and Halton region adjust their holiday plans, many are embracing a simpler, more meaningful approach to the season, proving that holiday joy doesn’t have to come with a hefty price tag.
Meanwhile, during a webinar, former Bank of Canada governor Stephen Poloz, who led the central bank from 2013 to 2020, suggested that immigration has distorted economic data, creating an impression that the economy is stronger than it truly is.
“I wouldn’t even call it a technical [recession],” he said. “A technical one is a superficial definition that you have two quarters of negative growth in a row, and we haven’t had that. But the reason is because we’ve been swamped with new immigrants who buy the basics in life, and that boosts our consumption enough.”
“I think most central banks are going to say, ‘I’ve got to be worried about the inflation part,” Poloz added.
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