If you’re like many Canadians, you’ve been making your shopping list and checking it twice. But that’s not all you’ve got in common: you’re also planning to avoid a holiday shopping hangover by keeping your spending in check.
According to a national survey conducted for the Chartered Professional Accountants of Canada (CPA Canada), 67 per cent of Canadians don’t expect to overspend this year but if they do, it will be for their immediate family. In fact, 69 per cent admit they’d likely to go over budget for their children or significant others.
“It’s encouraging that most of the survey participants plan to keep their spending in check this holiday season,” says Doretta Thompson, director, corporate citizenship, CPA Canada. “Many Canadians could make it easier on themselves by planning ahead and saving throughout the year for holidays. Thinking ahead financially can sure help make the season one of good cheer.”
Just how much will people fork out? Of those surveyed, 84 per cent plan to spend less than $1,000 on gifts, including five per cent who don’t plan to break open the piggy bank at all. In contrast, 13 per cent anticipate spending more than a grand on seasonal presents. On average, Canadians will spend $643 on gifts.
As for other holiday season spending, 64 per cent plan on spending less than $200 on travel and 76 per cent expect to spend less than $400 on entertaining. Both figures include people who plan no spending at all.
According to the research, 46 per cent of respondents plan to spend the largest part of their holiday gift budget in store. Another 16 per cent will spend the most online, while one third expect to spend roughly the same amount in store and online. The remaining six per cent don’t know. Eleven per cent plan to leave holiday shopping until the last minute.