Canadians spending less, using cash infrequently
Have you been spending less during the pandemic?
Recent data from Payments Canada indicates Canadian spending has not yet returned to pre-pandemic levels.
According to the findings, 58 per cent of Canadians reported spending less overall, and 42 per cent report the pandemic has changed their payment preferences--they prefer paying through digital and contactless options, something they expect to continue long term.
Additionally, 53 per cent of respondents reported using cash less frequently than before the pandemic, while 38 per cent said they are uncomfortable handling cash, and 37 per cent said they do not intend to resume using cash when the pandemic ends.
Further, 47 per cent reported tapping their credit and debit cards more--to avoid using frequently-touched keypads--and 37 per cent try to avoid shopping at places that do not accept contactless payment options.
However, while many Canadians are spending less overall, that doesn't include spending on food--58 per cent reported the overall amount they spend on food has increased, while 28 per cent are using food delivery services--such as DoorDash and Uber Eats--more often.
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