According to the annual RBC Post Holiday Spending Poll released Jan. 30, Canadians overspent during the holiday season, and did so more than the previous year (51 per cent of those surveyed compared to 41 per cent). The average amount spent per Canadian last holiday season was around $403. In 2015, shoppers spent $397.
To compensate for this overspending, the poll revealed Canadians plan to cut down on expenses, such as entertainment (42 per cent) and lunches and coffees (33 per cent).
Plan to set aside savings
To better prepare for the next holiday season, Canadian consumers indicated they will regularly set aside savings (36 per cent) and create a budget earlier in the year for the holidays (29 per cent).
Some of the poll’s findings were:
- Women spent more than men (55 per cent vs 47 per cent)
- 18 to 34 year olds overspent the most (68 per cent)
- Most overspenders live in the Prairies (63 per cent)
- Over half of Ontarian overspent (54 per cent)
- 49 per cent of Quebecers overspent
- 47 per cent of those living in Atlantic Canada, Alberta and B.C. overspent
Some tips for Canadians to save for the holidays are to start saving early, to keep a separate account dedicated to savings, to track expenses and visualize savings goals, sugggests RBC.