Study Finds Top 5 Canadian Consumer Trends

Canadians are a unique group of people. Firstly, because we’re awesome! How could you not love being Canadian? (Other than having to endure the winter, of course.) But secondly, we are pretty particular with the ways in which we shop. You’re likely aware, by now, that Canadians prefer to shop using credit and debit cards to pay for their purchases.

At Canadian POS Corporation, our many years of experience providing our nation’s business owners with top-quality POS terminals have helped us to learn that Canadians prefer plastic. But there are a number of other unique traits that characterize the Canadian shopper. Last fall, CBC News reported that a new study from the Business Development Bank of Canada found that Canadians are both health conscious and locally supportive in their buying choices.

The BDC study, in fact, concluded that there are five trends that are shaping Canadian consumer behaviour. According to Pierre Cléroux, who is the chief economist for the BDC, these findings can help Canadian business owners with the ways in which they market their brands. “It’s important for small and medium-sized enterprises to be aware of these trends to stand out in a crowded marketplace,” he was quoted as saying.

The buy-local movement. The first trend finds that Canadians prefer to shop locally. Supporting businesses that are close to home as well as those that sell locally-made goods are important factors to the Canadian shopping experience. Canadians feel that they are making both ethical and environmentally-conscious choices by doing so, says the CBC News report.

Rising health awareness. According to the study, half of the nation’s population considers the health implications of the products they are buying. In fact, one third of Canadians are willing to pay higher costs for healthy products. It stands to reason that people would want to make healthier choices when it comes to food and cosmetics among other purchases. It, therefore, stands to reason to offer them.

Frugality. Canadians don’t seem to do much overspending. CBC News reports that “Canadian incomes are stagnant and debt is high, meaning consumers are cautious about spending. As the baby boomers retire, an increasing portion of the population will be living on fixed incomes.” Evidently, it’s important to strongly consider pricing when looking to lure customers through the door.

The desire for customized goods. “Consumers are looking to get exactly what they want and new technology makes it possible for them to buy it,” reads the report. This trend highlights the need for business owners to be innovative with both their products and their services as well as the ways in which they are promoted. Speaking to the individual needs of each customer will be a trait that will help a company take great strides.

The impact of the internet. At Canadian POS Corporation, we’re well aware of how popular the internet is. People love using their credit cards to go online to make purchases. It’s a great convenience. Says CBC News: “An increasing amount of research about products is done online, even when consumers don’t buy online. At the same time, online shopping is growing and online reviews are critical.”