New PayBright consumer report reveals that Canadians will continue to be financially cautious in 2022 but will prioritize spending on health and wellness

• Second annual PayBright consumer report reveals actionable insights for merchants to create better shopping experiences for consumers
• Survey of more than 2,500 Canadians reveals shift in consumer spending toward health, wellness and family
• Nearly 3 in 4 consumers see budget-conscious purchases as their top consideration when shopping
• 1 in 4 Canadians would opt not to shop somewhere that doesn't have an online presence

TORONTO, Feb. 17, 2022 /CNW/ - PayBright, a leading provider of installment payment plans in Canada, today released the 2022 Canadian Consumer Trends Report, The New Normal: Evolving Retail and Ecommerce for the Post-Pandemic Era. The data-rich report provides retailers with actionable insights on how Canadians plan to spend this year, and what values are most important to consumers when they are choosing which brands to purchase.  

 

PayBright Canadian Consumer Trends Report 2022 (CNW Group/PayBright, Inc.)

Key insights from the survey of more than 2,500 Canadians include:

• Canadian Pride: Nearly two-thirds (65%) of Canadians said shopping from a Canadian-owned business is an important factor in their purchasing decision.
• Free Shipping on Returns: 70% of Canadians expect brands to offer free shipping to return items.
• Spending with a Purpose: Nearly half of Canadians (45%) anticipate spending more money in 2022 on quality time and activities with family.

Through its research, PayBright has identified four key trends that will impact consumer spending in 2022 and beyond. These actionable insights can help inform retailers on how to best serve customers and grow their sales.

1. COVID-19 will continue to play a role in shaping household budgets
   Changes in financial status due to the pandemic had an impact on most households, particularly for people under 35, 39% of whom said that their income had been impacted by COVID-19. But whether they made less or simply spent less throughout the pandemic, respondents plan to be financially cautious in 2022. 73% named budget-conscious purchases as a top concern for shopping.
2. Consumers will prioritize spending on health products and services in 2022
   Canadians are prioritizing their families and friends (45%), mental health (38%), and physical health (42%). When thinking ahead, respondents anticipate that they will spend the same or more on home goods, home fitness, health and wellness and beauty/clothing as they did in 2021.
3. Consumers plan to put their money where their values are in 2022
   The economic effects of the pandemic created an increased focus on the importance of preserving community businesses, an urgency to prevent further climate change, and shopping as an act of social justice. Although all age groups take social issues into account when choosing businesses and brands, it's most important for people under 35, 57% of whom said they would not do business with brands that do not align with their personal values.
4. Online shopping will continue to grow but people expect in-store options, too
   1 in 4 Canadians would choose not to shop somewhere that didn't have an online option, with shoppers under 35 1.6x even more likely to not shop if there is no online option. However, after a long absence from in-store shopping, consumers will return in 2022 with higher customer service expectations. When asked what will be important to them, consumers listed opportunities such as increased safety measures (64%) and diverse payment options at checkout (55%).

"PayBright is committed to helping merchants in Canada better serve their customers and grow their businesses," said Wayne Pommen, Head of PayBright, an Affirm Company. "Our 2022 Canadian Consumer Trends Report provides actionable intelligence for retailers to capitalize on the key trends shaping consumer shopping preferences in 2022. After two years of uncertainty and periods of isolation, Canadians are hopeful and ready to share experiences with friends and family again. Retailers must understand their customers' priorities and values to meet them where they are and provide the services and experiences they are looking for this year."

Gain full insight into how Canadians are planning to shop this year. Read the PayBright 2022 Trends Report here.

About PayBright
PayBright, an Affirm company, is one of Canada's leading providers of installment payment plans for e-commerce and in-store purchases. Through partnerships with over 10,000 domestic and international retailers, PayBright allows Canadian consumers to buy now and pay later in a quick and easy experience. PayBright is fully integrated with leading retail partners including Apple, Hudson's Bay, Wayfair, Browns Shoes, and Samsung, PayBright's installment plans range from 4 biweekly payments for smaller purchases up to 60 months for larger purchases, with interest rates as low as 0% and no late fees. Headquartered in Toronto, PayBright has provided Canadians with billions of dollars in spending power since inception. For more information, visit www.paybright.com.

SOURCE PayBright, Inc.

Affirm Canada (PayBright) Media Contact, Nicholas Fisher, Senior Communications Associate, [email protected]