{"id":102083,"date":"2022-09-27T12:49:22","date_gmt":"2022-09-27T12:49:22","guid":{"rendered":"https:\/\/interac1.wpengine.com\/?post_type=content&p=102083"},"modified":"2025-05-30T19:50:23","modified_gmt":"2025-05-30T23:50:23","slug":"canadians-prioritize-intentional-spending-as-nearly-nine-in-10-feel-the-financial-pinch","status":"publish","type":"content","link":"https:\/\/www.interac.ca\/en\/content\/news\/canadians-prioritize-intentional-spending-as-nearly-nine-in-10-feel-the-financial-pinch\/","title":{"rendered":"Canadians prioritize intentional spending as nearly nine in 10 feel the financial pinch"},"content":{"rendered":"\n

Interac releases Sound Shopping music track intended to help shoppers spend mindfully<\/em><\/p>\n\n\n\n

TORONTO, Sept. 27, 2022 \u2013 <\/strong>Canadians are feeling financially squeezed, with nearly nine in 10 (86 per cent) finding their money isn\u2019t going as far today as it used to. With inflation and rising interest rates adding to the pressures on households, research commissioned by Interac shows that two thirds (67 per cent) of Canadians are practicing \u2018intentional spending,\u2019 the action of making purposeful purchasing decisions that live up to their financial goals and personal values. Today, the majority of Canadians (67 per cent) are carefully planning their purchases, and over half (55 per cent) say they are less likely to spend on impulse now than they were before the pandemic.<\/p>\n\n\n\n

The Interac data shows that six in 10 shoppers (62 per cent) want tools which encourage intentional spending. Today, the company launched Sound Shopping<\/a>, a new music track that provides a balanced backdrop to the shopping experience, intended to promote mindful spending at a time of financial anxiety.<\/p>\n\n\n\n

\u201cResearch validated our belief that Canadians were looking for support in maintaining the intentional spending behaviours that were established over the course of the pandemic,\u201d said Nader Henin, AVP, Digital and Retail Commerce Products, Interac Corp. \u201cThe release of Sound Shopping follows a period of both rising<\/a><\/a><\/a> retail transactions and Interac<\/em> Debit use, highlighting the need now, more than ever, for Canadians to feel in control of their spending.\u201d  <\/p>\n\n\n\n

Shoppers across the country took part in an innovative research study whereby half of the participants listened to Sound Shopping, while a control group listened to the pop music that is typically played in stores. The participants observed that the Sound Shopping track made them feel calmer than those who listened to popular music and was associated with a 98 per cent purchase satisfaction rate.<\/p>\n\n\n\n

\u201cAs shoppers turn to Interac<\/em> products to help them maintain more control over their money in new economic times, we\u2019re looking for creative ways to help them spend more mindfully,\u201d said William Keliehor, Chief Commercial Officer at Interac Corp. \u201cEarlier this year we developed a sonic ID, and continuing our focus on sound felt like a natural extension. Music has traditionally been used to fuel purchase behaviours in retail, and we wanted to experiment with the ways it could positively impact and help add mindfulness to the shopping experience. We created the Sound Shopping track with this in mind.\u201d<\/p>\n\n\n\n

Interac transaction data shows Canadians used Interac<\/em> Debit to conduct nearly 7 per cent more transactions this past summer as compared to spring 2022 and the spending amount rose almost 6 per cent. While summer is typically associated with higher spending volumes, the data shows a net increase in Interac<\/em> Debit spending of 2 per cent, as compared with June-August 2021. This increase is particularly felt in the hospitality sector, with Interac<\/em> Debit spending at eating places increasing nearly 60 per cent in the summer of 2022 versus 2021.  <\/p>\n\n\n\n

Interac research findings on intentional spending provide other important insights:<\/p>\n\n\n\n