Canadians budget holiday spending

Two thirds (66%) of Canadians plan to set a budget for holiday spending, and 96% say they’ll only purchase items on sale, finds Interac Association.

They plan to save by shopping early (79%); shopping online (62%); shopping less using credit cards (60%); and making homemade gifts (38%).

Read: Do the holidays make people cheap?

But consumers say they would go beyond their budget if they found the perfect gift for their spouse or partner (90%), child (87%), parent (83%) or themselves (74%).

Being more selective about who receives gifts may also impact overall holiday spending. One out of four Canadians say they’ll buy gifts for their pets, while only 8% will purchase a gift for their bosses.

Read: Consumers spend thousands on impulse buys When asking what the estimated spend is for each recipient, Canadians say:

• Spouse or partner: $203
• Children: $237
• Themselves: $179
• Pets: $63

When it comes to total spend, 28% will fork over between $250 and $499; 22% will spend between $100 and $249; and 5% will spend $1500 or more.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.