A new survey says Canadians will be in a giving mood this holiday season
TORONTO, ON, November 24, 2016 – As the holidays get closer and closer, the vast majority of Canadians plan to increase their holiday shopping this year. Eighty-six per cent of Canadians say they will be in an extra generous mood this holiday season according to a recent poll from Ebates.ca.
Canadians are going to be heading to the malls and online stores in droves; racking up thousands of dollars on average buying various holiday deals this holiday season. The poll by Ebates.ca discovered 45 per cent of Canadians will search for deals on Black Friday, 43 per cent will surf the net on Cyber Monday and 53 per cent will take advantage of slashed Boxing Day deals.
“The holidays is a great time to spend on your family and friends however if you get too caught up in the moment, you may be paying for it later in the new year when the statements come in,” says Jeffrey Schwartz, executive director, Consolidated Credit Counseling Services of Canada.
“If putting your credit card away is unrealistic, consider creating a strategy to pay off your credit card balance within 30 to 60 days,” says Schwartz.
The Ebates.ca poll also discovered Canadians plan to spend almost $200 more than last year on their holiday purchases and 82 per cent said they will take some of their shopping online to avoid all of the crowds in the malls; in comparison to 76 per cent of Canadians who did a portion of their shopping online last year.
So what are Canadians shopping for? Here’s what Ebates.ca discovered:
- Clothing and accessories (76 per cent)
- Electronics (61 per cent)
- Books (56 per cent)
- Toys (53 per cent)
- Health and beauty (52 per cent)
- Sports and exercise gear (31 per cent)
For consumers who are in a giving mood this holiday season, the key to avoiding a major debt hangover in the New Year is to create a plan for all of your holiday purchases:
What’s your limit? Don’t head online or to the malls without creating a holiday budget. Also if you decide to use your credit card, make sure you charge an amount you can pay off in a reasonable time.
How much is too much? This may sound a little tacky however the truth of the matter is, you will spend more money on the ones you love the most. So create a shopping list and put dollar amounts beside each name. This will help you to stay on top of your budget.
Switch your plastic. Instead of doing your shopping with your credit card as your top choice, consider using your debit card. Or you can bring your budgeted amount in cash to the mall. Once your money is done – your holiday shopping spree ends.
Share the load. If you are hosting a holiday party this year, do not be afraid to ask your guests to pitch in too. Besides, the holidays are best spent when everyone gets involved!
About Consolidated Credit Counseling Services of Canada, Inc.:
Consolidated Credit Counseling Services of Canada is a national non-profit credit counselling organization that teaches consumers about personal finance.
For more information or to request an interview with Jeffrey Schwartz, please contact:
Natasha Carr, Community and Public Relations Manager,
Consolidated Credit Counseling Services of Canada, Inc.,
T: 416-915-7283 ext.1041, C: 416-830-4720, F: 416-915-5200, E: [email protected]