Holiday shopping amid inflation and tariffs means many Canadians expect to take on more debt in what one retail analyst says demonstrates growing concerns about a “K-shaped” economy.

A newly released Harris Poll survey, conducted on behalf of NerdWallet Canada , asked about 1,000 adult Canadians in October about their holiday spending plans.

The report found Canadians plan to spend an average of $708 on holiday gifts, which is up slightly from $698 last year.

Twenty-six per cent of shoppers said they plan on spending over $1,000, while 46 per cent plan to spend less than $500, and 15 per cent said it’s less than $100.

“This year’s modest bump in average spending likely reflects a small but influential group of big spenders,” the survey says.

“The reality for a larger portion o

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