Half of shoppers say they have no holiday spending budget

B.C. consumers surveyed estimate they will spend $921 this season

A new poll hosted reports that 85 per cent of British Columbians surveyed feel it’s important to have a holiday spending budget, yet only 16 per cent say they will set an exact budget.

The poll – hosted on the Angus Reid Forum for Coast Capital Savings – surveyed 805 B.C. adults from Nov. 1 to 5.

On average, those surveyed expect they will spend $921 this holiday season, through a combination of gifts, parties and outings, charitable donations, gifts for themselves and holiday decorations.

This compares to an average of $954 last year.

While 16 per cent of respondents say they will set an exact budget this holiday season, 35 per cent say they will set a loose budget and likely spend more than planned, while 49 per cent will not set a spending budget at all.

“The temptation to spend beyond our means during the holiday season is something we can all relate to,” said Rachel Coyle, vice president of retail operations for Coast Capital Savings.

More than three-quarters (77 per cent) of respondents say they expect to pay off their holiday bills within the first month.

Almost half of respondents (49 per cent) feel holiday spending will put a bit of pressure on their household finances, with nine per cent feeling a lot of pressure.

Participants also highlighted a number of ways in which they will try and keep spending down, including placing a dollar limit on gift giving, making personalized gifts or crafts, limiting the number of purchases for themselves, and spending quality time with friends and family instead of exchanging gifts.

RELATED: On average, each Canadian spent more than $2,500 online in 2018



newsroom@abbynews.com

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Gratitude is a great thing, what are you grateful for?

‘I want to say a heartfelt thanks to Steven Cahill for all his hard work over the years’

UPDATE: North Island Green Party nomination still to be determined

Moen says all issues should be viewed through environmental lens

COVID-19 has caused many changes for Port Hardy Fire Rescue so far this year

Port Hardy Fire Rescue’s first and second quarterly reports for 2020 were reviewed by council.

Unofficial holidays: Here’s what people are celebrating for the week of Sept. 27 to Oct. 3

World Farm Animals Day, Drink Beer Day and Virus Appreciation Day are all coming up this week

NDP candidate Babchuk a fixture in local politics since 2005

School trustee, city councillor and regional district chair sets sights on being North Island MLA

Weekend sees 267 cases, 3 deaths in B.C.; Dr. Henry says events leading to COVID spread

There are currently 1,302 active cases in B.C., while 3,372 people are under public health monitoring

Search suspended for Indigenous elder last seen mushroom picking in northwest B.C.

Mushroom picker Thomas (Tommy) Dennis has been missing since Sept. 16

Ahead of likely second wave, 60% of Canadians relaxing COVID-19 measures

Proportion of Canadians not following safety measures has dropped by 3 per cent in the past two weeks

Canada’s population tops 38 million, even as COVID-19 pandemic slows growth

Immigration, the top population driver, decreased due to the pandemic

Lightning strike: Tampa Bay blanks Dallas 2-0 to win Stanley Cup

Hedman wins Conn Smythe Trophy as playoff MVP

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

16 MLAs retiring from B.C. politics add up to $20M in pensions: Taxpayers Federation

Taxpayers pay $4 for every dollar MLAs contribute to their pensions

Shawnigan Lake’s Kubica gets 25 to life for murder in California

Former Shawnigan Lake man convicted of killing woman in 1990

Liberals seek to fast track new COVID-19 aid bill after CERB expires

Government secured NDP support for legislation by hiking amount of benefits by $100 to $500 per week

Most Read