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

Security video captures Castlegar porch pirate

Man stole package from front of house in December

RCMP still investigating death of Lemar Halimi

Halimi’s body was found between Nelson and Castlegar in May 2018

Two big housing projects planned for Castlegar

A mix of single family and multi-family units planned

Changes to Kootenay Lake terminals underway

Progress is reported on new vessel, dredging, and terminal changes

Almost 20,000 parking tickets issued by Interior Health at hospitals in 2019

In 2018, pay parking in Interior Health hospitals totalled $5.3 million of their $2.2-billion budget

Victoria police arrest 12 anti-pipeline protesters supporting Wet’suwet’en

‘We are unarmed, they have guns,’ protesters chanted on Wednesday morning

‘Naughty boy’: Monty Python star Terry Jones dies at 77

The comedian has been suffering from a rare form of dementia

Four things ‘not’ to do if you run into Prince Harry and Meghan in B.C.

Here is a list of some things you definitely should NOT do, according to the BBC

Harry and Meghan should cover their own security costs: NDP heritage critic

The prince, Meghan Markle and their eight-month-old son Archie are reportedly staying at a mansion near Victoria

Theo the 800-pound pig trimmed down and still looking for love on Vancouver Island

“He’s doing really well, lost quite a few pounds and can run now.”

Horgan unveils B.C. cabinet shuffle changes

Premier John Horgan has made three major changes to his cabinet

Dog reunited with Tofino owner, months after being taken from beach

Shannon Boothman ‘ecstatic’ at pet’s return after a tip leads to social media search

B.C.’s first ride-hailing app to launch in Tofino, Whistler in February

The Whistle! app will be available in Tofino on Feb.1 and in Whistler Feb. 6.

Councillor resigns in Revelstoke after colleagues approved 67% raise

Council approved a 134 per cent raise for the mayor of Revelstoke

Most Read