Edmonton shoppers hunt for Boxing Day bargains amid uncertain economic climate

Thousands of people descended on Edmonton's top shopping attraction Tuesday on Boxing Day, with some taking full advantage of sale deals while others stayed wary of spending too much.

Danielle Woo, the general manager of West Edmonton Mall, said shoppers lined up early before the doors opened for the annual day featuring deep discounts and sales.

"We saw people starting to come in around 7 a.m., even before the stores opened, which is busier than last year," Woo told reporters on Tuesday.

And while people packed the aisles of the city's shopping mecca, some kept their spending limits in perspective.

"I budgeted this year so it wasn't crazy," said student Maya Pereira, adding that keeping spending in check is "hard but it's kind of a reality of how things are right now."

Those "things" are related to the economy, with shoppers' quest for bargains coupled with spending restraint resulting from the current economic climate, says retail analyst Bruce Winder.

"Overall, I know Canadians are watching their pocketbook a little more this year because of high interest rates, inflation, geopolitical issues, uncertainty as it relates to job prospects, mortgage renewal, rent prices going up .. including in Alberta," Winder said. "People are looking for sales, for bargains out there. They're not spending as much as they have been previously years at regular price."

Winder said shoppers in recent years dealt with retail inventory shortages — buying "at regular price or at a nominal discount" as a result — and also had more cash on hand.

"Governments were giving out subsidies during the pandemic, people weren't travelling as much, so they had extra money," he said.

That's not the case today.

"Consumer debt is pretty much where it was before the pandemic, we have the highest consumer debt level in the G7, I believe," Winder said. "There are just so many headwinds now that consumers are finally sort of recalibrating how much they spend and looking for ways to eliminate it or at least minimize spending at the holiday time."

Still, people are bombarded more than ever by advertising, increasing the drive to spend, he said.

"Everywhere you go right now, you're just being bombarded with advertisements and also society," Winder said. "Society through social media and other things has put a lot of pressure on people to sort of Keep up with the Jones is so to speak."

Woo said the mall expects more people to shop into the new year based on the increase in people they're seeing at the shopping centre and despite competition from online shopping, which she says "isn't going away."

"When it comes to the experience of shopping, people still want to come to West Edmonton Mall, especially because we have that mix of experience and retail" Woo said. "We have the stores that nobody else in Edmonton has. It is a one-stop shop."

With files from CTV News Edmonton's Adel Ahmed