The desire to rein in holiday spending proved surprisingly difficult for many Canadians this year. Despite good intentions, a recent survey reveals a significant gap between planned budgets and actual outlays, painting a picture of shoppers swept up by seasonal pressures and rising costs.
On average, Canadians who purchased gifts spent $828 during the recent holiday season. This figure dramatically exceeds the $708 they anticipated spending when surveyed in October, representing a $120 overage for many households.
Interestingly, the overspending wasn’t a result of impulsive, unplanned purchases. A mere 7% of shoppers attributed their financial slip-ups to poor planning, suggesting a more powerful force was at play.
That force was inflation. A substantial 43% of Canadians directly linked higher living costs to their increased holiday spending, confirming that the rising price of everything impacted even cherished traditions.
Savvy shoppers attempted to mitigate the financial strain. Over a third – 33% – strategically focused their purchases on sales, deals, and promotions, while 23% cleverly utilized loyalty points and cashback rewards.
However, even these tactics couldn’t fully offset the impact of inflation. A noteworthy 20% of Canadians opted to purchase “Made in Canada” gifts, often at a higher price point than their foreign-made counterparts, driven by a desire to support local businesses.
The survey underscored the enduring importance of gift-giving in Canadian culture. An overwhelming 89% of Canadians participated in the tradition, purchasing presents for friends and loved ones.
The findings are based on a comprehensive online poll conducted among over one thousand Canadian adults, providing a clear snapshot of holiday spending habits and the economic realities influencing them.
