64% of Canadians think their holiday spending is ‘out of control’: CIBC poll
Almost two-thirds of Canadians say their holiday is spending is “out of control” this year with over half saying they will likely break their budget, according to a new poll by CIBC.
The survey results, published Thursday, show Canadians’ holiday spending budgets have risen eight per cent from last year to an average of $643, compared to $597 in 2016, with almost an additional $300 earmarked for entertainment, celebrations and Boxing Day purchases.
Fifty-two per cent of respondents said they will likely go over their budget, but 41 per cent said they can’t afford to spend during the holidays and nearly three-quarters saying they wish they could save more for the holidays.
"While the holidays are meant to be a time to reconnect with loved ones, Canadians are telling us that they're secretly frustrated with the shopping, stress and overspending that can end up eclipsing the joy of the season,” David Nicholson, vice-president of Imperial Service at CIBC, said in a release.
"It's time to reset expectations, so the holidays can be enjoyed to their fullest. No tradition is set in stone.”
Millennials are picking up their spending this year by 39 per cent to an average of about $555, with almost half saying they love giving gifts during the holidays. Canadians aged 55 and older will be the biggest spenders by dishing out an average of $696 this year.
Spending is higher across all provinces, with the exception of Alberta, where holiday budgets have declined slightly. Respondents in Atlantic Canada intend to spend the most on average ($827), and those in Quebec are the most frugal, planning to spend an average of $479.