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:
National |
64% |
BC |
63% |
Alberta |
60% |
Man/Sask |
73% |
Ontario |
67% |
Quebec |
59% |
Atlantic Canada |
58% |
Percentage of Canadians who have not finished their
holiday shopping, by age:
National |
64% |
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:
National |
64% |
Men |
63% |
Women |
64% |
How much Canadians think they have spent on holiday shopping so
far this year, by region:
National |
$678 |
BC |
$730 |
Alberta |
$754 |
Man/Sask |
$595 |
Ontario |
$630 |
Quebec |
$716 |
Atlantic Canada |
$657 |
How Canadians' spending compares to their set holiday
budgets:
|
Finished shopping |
Not finished shopping |
On budget |
57% |
45% |
Under budget |
8% |
7% |
Over budget |
10% |
19% |
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.
About CIBC
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.
SOURCE CIBC