Generational Lifestyles - Canada - November 2014
“With Canadians prioritizing the improvement of their financial base and mobile usage on the rise, companies should look to mobile apps to incentivise consumers by providing savings while they spend.”
– Carol Wong-Li, Senior Lifestyle Analyst
This report looks at the following areas:
- Helping Millennials save money, while maintaining their spending habits
- Using technology to aid young families save their money
- Targeting older Canadians with online tools from brands and retailers
- Engaging the money-minded consumer
Across all ages, Canadians are looking to strike a balance between building their financial base and their non-essential spending. Lifestage influences the prioritization of where dollars should be spent versus saved, with disposable income and affluence acting as undercurrents affecting spending habits. Young Canadians seek to stand out through stylish, unique purchases and crave tailored experiences, though aspire to grow their savings. Young families prioritize spending leisure time as a family at the same time as reducing spending and debt. Older Canadians have planned well and are able to enjoy some luxuries, preferably at a discount.
As a whole, Canadian engagement with technology is widespread and will continue to grow as usage of mobile devices increase in the coming years, leaving opportunity for leisure companies and retailers to reach each generation via mobile.
This report explores each of the following both on the whole and by age:
- Canadians’ habits on budgeting
- Past and future spending patterns
- Factors considered when shopping
- Alcohol consumption
- Festival attendance
The report also highlights online tools and platforms developed to help consumers budget, save money, and shop.
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