Canadians have decided to cut back for this coming holiday season, with almost half of those surveyed expecting the economy to worsen in 2023.

According to Deloitte Canada’s 2022 Holiday Retail Outlook, four in ten Canadians have seen their household finances worsen this year.

The survey also suggests average household holiday spending will fall 17-percent this year to $1520.

And of those who plan to reduce their holiday spending, 76-percent are cutting down because of higher food prices, 67-percent because of inflation worries in general and 60-percent because of overall economic concerns.

In addition, the Deloitte study finds more Canadians are looking forward to getting together this year, with four in ten planning to host formal meals, up six percent from last year.

Similarly, as concerns over the pandemic wane, half of survey respondents say they plan to prioritize shopping in-store instead of online with average store visits expected to climb back up to just shy of pre-pandemic levels.