Many BC residents plan on adjusting their spending habits, including how much they order food, as they deal with the high cost of living.
A TD survey found that over half (54%) of BC residents are planning to cut their spending in some way. Others aren’t planning on cutting their spending (37%) but claim they’ve already cut back all they can.
One of the biggest takeaways of the survey is that 60% of BC respondents plan on cutting back on their food purchases, suggesting they’d eat out or order in less.
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We decided to check in with Ian Tostensen, president and CEO of the BC Restaurant and Foodservices Association (BCRFA), about the findings and whether they resonate with what he’s been seeing in the restaurant industry.
Tostensen wasn’t surprised by that 60% number and didn’t necessarily disagree with it, suggesting that some residents are being selective with their food choices for the sake of finances.
“If we had Taylor Swift every weekend, it wouldn’t be an issue because people would be spending.”
He added that other events coming to BC, like the Juno Awards and the FIFA World Cup, will probably boost the economy and the restaurant industry at large.
“As long as we as a community can actually activate events, the people will come out, but if we do nothing, I agree with the survey. They’ll tend to retreat and not go out.”
Tostensen said that people are heavily into happy hour right now, which may indicate that folks in this economy are searching for a good deal regarding food.
“That tells us they’re looking for bargains.”
We asked if the BC government could do more to help the restaurant industry thrive and sustain itself, and he said it comes down to red tape and regulation.
“A lot of municipalities are currently trying to curb the use of natural gas in the buildings. That creates a lot of uncertainty in the industry.”
He also mentioned talking to someone in Vancouver who said business license fees, parking, and other restrictions are becoming too costly.
“It’s becoming not worth it to be here because you’re managing so much government.”
Negative financial outlook for some in 2025
Other things that BC residents plan to cut back on include entertainment, travel plans, and subscription services.
Nearly half (47%) of respondents plan to shop around more to save on purchases, and 32% are switching to generic-store-brand products.
TD also found that one in four BC residents feel less optimistic about their finances in 2025 compared to 2024, and 47% think inflation and the cost of living will be their biggest challenge.
The top priority for residents is managing their day-to-day expenses.
Yesterday, we published a story about how the cost of living is demotivating people from working hard because the incentive doesn’t match the level of work they’re putting in.
In response to that story, one user commented, “Our world is controlled by the people who profit from standing on our backs.”
It doesn’t matter how hard we all work it’s STILL a struggle to afford food, bills, and living in general. I could kill myself working and it’s still not enough
— ✧✦ＡＬＬＯ✦✧ (@ALLOSAUREX) January 14, 2025
Do you resonate with any of TD’s findings? Let us know in the comments.