In this episode, Michael welcomes Elisa Swern, National Consumer Markets Leader at PwC Canada, to explore the firm’s 2025 Canadian Holiday Outlook. Elisa reveals how Canadians plan to spend 10 percent less this season, why affordability dominates, and how “Made in Canada” sentiment continues to rise. Together, they discuss generational spending gaps, in-store experiences versus e-commerce, and AI’s growing impact on consumer discovery and retail strategy—all while offering timely guidance for the industry’s next chapter.
In this episode of The Voice of Retail, host Michael LeBlanc sits down with Elisa Swern, National Consumer Markets Leader at PwC Canada, to unpack the insights behind PwC’s newly released 2025 Canadian Holiday Outlook—a comprehensive view into how consumers plan to shop, save, and celebrate amid an uncertain economy.
Elisa shares her journey from family retail roots to leading PwC’s national consumer practice, explaining why she thrives on the constant change and curiosity that define the consulting world. She outlines how PwC’s “human-led, tech-enabled” approach helps retailers navigate transformation across strategy, digital, and risk—leveraging a global network of experts while staying grounded in local insight.
Together, Michael and Elisa dive deep into the holiday forecast. PwC’s research reveals a 10 percent year-over-year decline in planned consumer spending, driven by persistent affordability pressures and shifting generational priorities. Gen Z and millennials expect to cut back the most, with Gen Z spending intentions down 34 percent, reflecting record youth unemployment and new life-stage costs such as rent and transportation. Still, Canadians remain committed to family gifting and holiday traditions—just with more focus and less self-indulgence.
The conversation moves to the Made-in-Canada movement, where PwC finds continued momentum in consumer intent to buy local and pay more for domestic goods—particularly among Gen X and boomer shoppers. Elisa notes that while intent often outpaces action, this “national tailwind” offers retailers a meaningful way to connect with values-driven consumers.
Turning to the omnichannel experience, Elisa and Michael agree that “stores never went away.” In-person shopping remains central to holiday discovery, with 56 percent of Canadians citing the ability to see and touch products as a top reason to visit stores. They discuss how leading brands are merging the tactile with the digital—using tools like smart fitting technology and AI-driven recommendations—to blend convenience with connection.
Finally, they explore the emerging role of AI in consumer shopping, from intelligent assistants helping gift-givers to retailer-side personalization platforms integrating seamlessly with these tools. Elisa highlights the opportunity—and risk—of intermediaries reshaping retail discovery, while also noting the growing demand for transparency, data security, and supply-chain resilience across Canada’s retail landscape.
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