Half of shoppers say they have no holiday spending budget

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

The City of Duncan will implement a new pilot project targeting vandalism this spring. (File photo)
Duncan initiates pilot project to deal with graffiti

Project based on a successful one in Port Alberni

The victim of the homicide on Cowichan Lake Road early Monday morning was 17 years old, and was stabbed in the incident. (Kevin Rothbauer/Citizen)
Duncan homicide victim was 17 years old

RCMP report that teenager was stabbed

Activists from the Fairy Creek Blockades hold the injunction application notice which was submitted by logging company Teal Jones to the B.C. Supreme Court. The application, which asks to have blockaders removed from the sites that stop access to cut blocks, is set to be heard on March 4. (Photo contributed/Joshua Wright)
Activists hunker down to protect Fairy Creek near Port Renfrew from logging

Forest company Teal Cedar applies for injunction to remove seven-month-old blockades

It’s been almost a year since the last public performance inside the Chemainus Theatre. (Photo by Don Bodger)
Lead donors pledge $60,000 in matching campaign at the Chemainus Theatre

Perrys, Hiltons and Duncan Iron Works help to Bridge the Gap during COVID shutdown

Doug Routley is the chair of a special committee on reforming the Police Act. (File photo)
Routley selected chair of a special committee on reforming the Police Act

Nanaimo-North Cowichan MLA acknowledges there will be a lot of material to process

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

A discarded blue surgical mask is shown hanging in a bush in Montreal, Sunday, Dec. 6, 2020, as the COVID-19 pandemic continues in Canada and around the world. THE CANADIAN PRESS/Graham Hughes
B.C. RMT suspended for not wearing a mask after confirmed by undercover clients

College of Massage Therapists has 5 open files, said suspension necessary to protect public

Victoria Police Department vehicles outside the headquarters building. (Black Press Media file photo)
Victoria police investigating sudden death in Beacon Hill Park

Police, paramedics responded to a report of an unresponsive person early Wednesday

Dozens of reports of sexualized violence against a former employee of downtown Victoria restaurant Chuck’s Burger Bar were posted online in January. A police investigation is ongoing. (Nina Grossman/News Staff)
Chuck’s Burger Bar in Victoria closes doors after sexual assault allegations

Victoria police investigating reports of sexual misconduct, assault by former restaurant employee

A boat caught fire in Ladysmith Harbour on Saturday morning. (Photo submitted)
Missing woman’s remains recovered after Vancouver Island boat fire

Remains of a 60-year-old woman recovered after Feb. 27 boat fire took her life

Most Read