Affordability concerns amid the heightened cost of living and a tough job market impacted by the trade war and tariffs may be changing how Canadians shop this holiday season, including how much they spend and whether they prioritize buying local.

That’s according to the latest survey data from the Bank of Montreal , which also found consumers may have already done a lot or all of their shopping because of price concerns.

“In the wake of recent tariff increases, rising unemployment, and an upturn in inflation, it’s not surprising that Canadian consumers are feeling a sense of trepidation heading into the holiday season,” Sal Guatieri, senior economist with BMO, said in a written statement.

BMO’s survey was conducted from Sept. 3 through Oct. 11 and asked 2,500 adult Canadians about

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