Everyone talks about the bride and groom’s expenses. What about the rest of us?
TORONTO, ON, July 13, 2016 – With wedding season here, it’s time to pop the question. No, not that one. This one: How much should you spend on a wedding gift? Consolidated Credit figured out an easy way to tell – by diving deep into the raw data tables of a poll conducted by cash back shopping site Ebates.ca.
Ebates polled 1,000 Canadians about their summer gift-giving habits. The most amusing results were about re-gifting (“just over 2-in-10 Canadians say they have re-gifted a birthday gift”) and gift greed (“36 per cent say they give better gifts than the ones they receive!”)
“Re-gifting can be a good way to be frugal especially if you are working with a tight budget. However you really have to be tactful with your re-gifting. You do not want to end up re-gifting the same gift to the person who gave you the present in the first place,” says Jeffrey Schwartz, executive director, Consolidated Credit Counseling Services of Canada.
Although re-gifting may be a sensitive issue for some, the Ebates survey also revealed how much money guests will spend on average for wedding gifts:
• Canadians will spend $146 on wedding gifts
• Men will spend $179 for a wedding gift
• Women spend less than men at $117
• Single people spend more at weddings than their married counterparts ($172 vs. $131)
“If Canadians on average are spending upwards towards $200 on wedding gifts, it is imperative to budget for your wedding gift or you may end up turning to debt to finance it,” says Schwartz.
The raw data tables Ebates sent Consolidated Credit also revealed the average wedding gift spend, differs from province to province:
• Alberta: $218
• Atlantic: $153
• British Columbia: $146
• Ontario: $143
• Manitoba/Saskatchewan: $133
• Quebec: $120
Giving a wedding gift in Alberta is almost twice as costly as in Quebec. The survey also asked which kinds of gifts most Canadians tend to give as wedding presents. The results were interesting. In Ontario and Manitoba/Saskatchewan, cash was king – more than 40 per cent in each province went for the wallet, the only three provinces in the 40s. Meanwhile, more than three provinces were in the 40s for “store-bought gifts” – British Columbia, Alberta, and Atlantic Canada.
Summer time is an expensive time of year for many Canadians. To help Canadians manage their wedding gift budget, Consolidated Credit offers the following tips:
Decide how much you can afford
It would be nice to give every newlywed $200 as a wedding gift however if you have more than one wedding to attend, it will get costly. To avoid over spending on wedding gifts this season, create your budget so you will only spend what you can afford.
Buy a group gift
If a bunch of your family and friends are attending the same wedding with you, get together to buy a gift as a group. You will not only save some money, you will be able to provide a more meaningful or elaborate gift (monetary or otherwise).
Make the registry your friend
Buying from the registry is a practical way to go because you will not only buy what the bride and groom want, you can watch the item to see if it will go on sale or you may find an item on the registry lower than what you’ve budgeted for.
“Gift giving can actually account for a considerable portion of a consumer’s monthly budget,” said Sari Friedman, Director of Marketing and resident shopping expert, Ebates.ca. “Our survey shows that Canadians are savvy about value, however, and use online shopping to ensure they are getting the best deal and selection,” says Friedman in a news release.
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@example.com