Nakul Singal, a shopper at Fairview Mall, shared that while he's benefitting from the tax break on food prices, he wants more government aid to combat rising living costs. He remarked, "I hope that they could stop inflation. We are struggling right now." This captures the sentiment many Canadians share, highlighting that current measures may not be sufficient to alleviate their financial strain.
Matt Poirier from the Retail Council of Canada indicated that, despite challenges in implementing the GST holiday at short notice, Boxing Day sales are typically expected to see an upsurge. He noted retail businesses are facing difficulties, especially with older systems, in adjusting to the sudden tax break.
The RBC Economics report mentioned that, although there was a temporary boost from the GST holiday, retail spending was notably down, below previous years' levels. It pointed out a 'scaling back' in spending among toys and games, indicating consumers' cautious approach amidst ongoing economic pressures.
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