(WINDSOR, ON) – More money will be spent on Christmas gifts this holiday season than last year. A new study has found Canadians are in the giving mood. According to a RetailMeNot.ca survey, the nation’s gift buyers could reach an all-time high on everything from trimming the tree to the gifts under it.
This appears to be a drastic departure from 2016 when, only 12 months ago, Canadians were cutting back for a more humble holiday season.
The increase is in every category. There will be $653 spent on gifts in general, about $100 more than last year’s spend. Also, $460 is earmarked for gifts for family members, which is $32 more than last year. Canadians will funnel $116 toward gifts for friends, a $15 increase, and $120 is budgeted for alcohol, a $20 increase. There is even a $13 boost, to $87, for holiday décor.
“With Canadians increasing their holiday spend this year, it’s even more important they put a budget and shopping strategy in place to ensure they don’t go overboard when feeling festive,” said Sara Skirboll, a shopping and trends specialist at Retail Me Not. “This is especially true since half the country says they worry about money throughout the holidays. But, with some savvy spending behaviour, there’s no need to stress.”
With Christmas just three weeks away, nearly half of the country (46 per cent) plans to begin shopping any day now, while a quarter (25 per cent) will hold out until just one week before Christmas day to begin checking items off their list. With so many procrastinating on presents, it’s no wonder almost half of Canadians (46 per cent) usually end up buying last minute gifts.
When it comes to the top gifts and entertaining, Canadians, on average, are putting $582 toward new computers, $495 on smartphones, $462 on televisions, $280 on new gaming consoles, and $251 on tablets. In other categories, they will spend $166 on clothing gifts in addition to $122 on new outfits for themselves, and approximately $208 on hosting a holiday party.
More than half (57 per cent) will shop at a store. Almost half (43 per cent) feel that they overspend on gifts, and more than half of the country (57 per cent) say they find the holiday season stressful.
Men plan on spending approximately $255 on their significant others this year, much more than women, who plan on spending $168 in return.
The majority of respondents to the survey (52 per cent) will purchase gifts for themselves while shopping for others. This is something 38 per cent of men agree on versus only 21 per cent for women.
There is also some remorse at Christmas. Almost half of Canadians (46 per cent) feel badly that they can’t spend more on holiday gifts for loved ones due to lack of money.
The online survey was taken between October 27th to October 28th, 2017 among 1,509 randomly selected Canadian adults who are Angus Reid Forum panelists. The margin of error is +/- 2.5%, 19 times out of 20.