Canadians Plan Valentine's Day Spending, Prioritizing Local Businesses Amidst Inflation

A recent CIBC poll reveals that 56% of Canadians plan to spend money on Valentine's Day this year, indicating sustained consumer activity for the occasion. The survey, reported by the Financial Times, highlights a strong inclination towards supporting the local economy, with 80% of participants intending to patronize local businesses for their purchases. However, inflation is tempering spending decisions, as only 12% of Canadians plan to increase their spending compared to last year. Younger individuals (18-34) emerge as the biggest spenders, averaging $224 CAD. These findings reflect the current dynamics of Canadian consumer spending, balancing celebratory intentions and local business support with prevailing economic pressures.