Canadians Spend Less, Later This Holiday Season Reports the Payday Loans Form
Small Rises in Debt and Lower Spending Suggest Some Small Debt Weariness
Whatever the reason, Canadians apparently plan to spend 20% less than they did last year on overall holiday expenses this season, down to an average of $822 from $1,021 in 2011. Gift spending looks to be down 16%, to $578 to $685.
In addition to spending less, more Canadians are waiting until the last minute. Forty-two percent waited until December to shop an 8% increase from last year. A brave 1% plan on doing all their shopping on the day before Christmas.
Though more waited until closer to the holiday to make purchases, it would be wrong to assume many Canadians simply forgot to shop. Sixty-six percent said they planned their expenses in advance and are simply spending less this year.
Aron Gampel, the deputy chief economist at Scotiabank, said that, "This festive season finds Canadians planning to spend less and save more over the holidays. Although the Canadian economy and job market have been quite resilient, many households appear to be focused on managing their larger debt burdens, a prudent plan in an increasingly uncertain global environment."
The statistics shedding light on the festive shopping happens of Canadians this year came from a Harris/Decima online poll that sampled respondents from 1,009 homes from across Canada between November 16th and 27th.
Speculation that shopping is down because of debt comes from other recent polls showing that the average Canadian household has incurred additional debt for the third-straight quarter. The debt-to-income ratio sits at 164.6%, up 1.3% from last quarter.
Yet another poll by the Canadian Imperial Bank of Commerce found that Canadians intend to cut back on holiday spending by around 8%, though nearly 50% of respondents said they made ‘unplanned purchases’ for themselves in the last month.
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