Canadians Cut Back in 2023 and Plan to Continue Cuts in 2024

The number one action Canadians took in 2023 to deal with inflation was to cut back on dining out, with over half (57%) opting for this strategy. Other common ways Canadians dealt with inflation in 2023 included using flyers to find sales (53%), postponing non-essential purchases (47%), spending less on entertainment (46%), and curbing holiday expenditure (44%).

Canadians are preparing to continue making changes to their budgets in 2024 in order to deal with the ongoing increases in cost of living due to inflation. Just over half (53%) of Canadians plan to cut back on dining out in 2024, making it the most popular way they plan to deal with higher prices. Looking at flyers for sales (48%) followed closely by cutting back on entertainment (45%), putting off purchases like new clothing (42%), and cutting down on holiday spending (42%) round out the top five ways Canadians plan to deal with the increasing cost of living. More middle-aged Canadians between 35 and 54 plan to dine out less frequently in 2024 (62% vs. 53% of 55+, 44% of 18-34). Meanwhile, older Canadians 55+ seem to prefer browsing flyers (58% vs. 47% of 35-54, 34% of 18-34). Only one in ten (10%) Canadians don’t plan on making any changes to their behaviour in 2024 because of the higher cost of living.

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