So far Canadians have spent more than predicted; procrastinators are at greater risk of going over budget, finds fourth annual CIBC holiday poll
TORONTO, Dec. 19, 2014 /CNW/ - A new CIBC (TSX: CM) (NYSE: CM) poll completed December 14th finds that as we start the final shopping weekend before the holidays, 64 per cent of Canadians have not yet finished their holiday shopping. Holiday shoppers are also spending more than predicted - a poll conducted in November found Canadians planned to spend an average of $517, while the current poll shows average spending at $678 so far with a weekend of holiday shopping yet to go.
Key findings of the poll include:
- 64 per cent of Canadians have not finished their holiday shopping
- So far this holiday season, Canadians have spent an average of $678 on their shopping
- Among those who have already finished their shopping, only 10 per cent said they went over their holiday spending budget
- Those who have not yet finished their shopping are more likely to overspend, with 19 per cent saying they expect to go over their budget
"Our poll shows the value of planning ahead when it comes to your holiday shopping, as those who are already finished were also less likely to overspend" says Steve Tyers, Vice President, Card Product Management, CIBC. "Those rushing around in busy stores looking for gifts with the clock ticking may be more likely to go over budget, in an effort to get everyone checked off their holiday gift-giving list."
Younger Canadians, central provinces further behind than others
Canadians aged 18-34 are the biggest procrastinators, with 71 per cent saying they have not finished their shopping. Canadians aged 55 and over are the best prepared for the holidays, with only 55 per cent saying they need to hit the malls this weekend.
Across the country, the Prairies and Ontario are the furthest behind, with 73 per cent and 67 per cent yet to complete their shopping. The furthest ahead are the Atlantic region and Quebec, with 58 per cent and 59 per cent who still need to finish their shopping.
CIBC offers these tips to manage your holiday expenses:
- Track spending - Having the CIBC Mobile Banking app on your phone allows you to check your account balances in seconds, to see what you've spent so far with your CIBC Advantage Debit Card. Also, CIBC CreditSmart allows CIBC credit card holders to set a budget on each spending category and be notified if they exceed it.
- Have a repayment plan - For those using their credit card to pay for their holiday purchases, it is important to have a plan in place to pay off the balance as quickly as possible after the holidays to avoid incurring interest charges.
- Keep up with regular savings - It can be a challenge to stick to your regular financial plan at this time of the year. Make sure to put money aside towards your financial goals separate from your holiday shopping budget, to keep your longer term plans on track.
KEY POLL FINDINGS
Percentage of Canadians who have not finished their holiday shopping, by region:
Percentage of Canadians who have not finished their holiday shopping, by age:
|18-34 year olds||71%|
|35-54 year olds||66%|
|55+ year olds||55%|
Percentage of Canadians who have not finished their holiday shopping, by gender:
How much Canadians think they have spent on holiday shopping so far this year, by region:
How Canadians' spending compares to their set holiday budgets:
|Finished shopping||Not finished shopping|
|Don't know / lost track||4%||3%|
|Didn't set a budget||21%||25%|
From December 12th to 14th 2014, an online survey was conducted among 1,507 randomly selected Canadian adults who are Angus Reid Forum panelists. The margin of error—which measures sampling variability—is +/- 2.53%, 19 times out of 20. The results have been statistically weighted according to education, age, gender and region (and in Quebec language) Census data to ensure a sample representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.
CIBC is a leading Canadian-based global financial institution with nearly 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Wholesale Banking - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.
Kevin Dove, Head of External Communications, 416-980-8835, email@example.com