As the weather chills and the holiday season approaches, Canadians it seems are in the spirit to spend.
Shoppers expect to spend an average of $674 on gifts this season, says a Bank of Montreal poll. This is almost $100 more than last year ($583), according to similar poll by the bank.
Why the increased willingness to open the wallet? Respondents cited having more people to shop for (41%) and being better off financially (39%).
Canadians expect to spend an average of $1,610 this holiday season including paying for gifts, trips and fun ? up from $1,397 in 2011.
To prevent over-spending, Su McVey, BMO vice-president, advised shoppers to create a holiday budget and head out early (last-minute shoppers risk blowing their budgets ? and men are twice as likely as women to head out late).
Although one in five have no plans to budget, the majority (68%) plan to start shopping before December, including 30% who planned to start shopping before November.
With Canadians intent on spending, toy retailers are also making items easier to buy.
?Consumers this year will benefit from a number of new tactics that retailers have implemented: hot toy reservation systems, more aggressive price match programs, same-day online delivery, and earlier and cheaper layaway,? Gerrick Johnson, a toy analyst with BMO Capital Markets, said in a statement.
Source: http://business.financialpost.com/2012/11/08/christmas-it-is-going-to-cost-you/
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