(Pxhere)

(Pxhere)

As Canadians break records with holiday shopping, 25% admit to overspending: RBC poll

British Columbians turned out to be the most thrifty of holiday shoppers

Whether it was being separated from family and friends or the general ennui of spending a holiday season during a pandemic, Canadians racked up some hefty bills this holiday season.

According to a poll conducted by RBC, Canadians spent more money holiday shopping this year than they did any year in the past decade.

The poll found that the average Canadian spent $735 this holiday season, up from $709 in 2019.

Pollsters found that another record set was how many shoppers went over budget, with 25 per cent spending an average of $588 more than they planned. The $588 figure represents a 28 per cent increase from the average amount shoppers overspent last year.

The biggest holiday spending categories were gift cards at $121, electronics at $104 and giving experiences to their families and friends at $91.

However, British Columbians turned out to be the most thrifty of holiday shoppers; only 18 per cent of them overspent, while the biggest over-spenders were in Ontario at 27 per cent.

Pollsters found that 67 per cent of those who spent more than they expected to have yet to pay off those holiday bills. Only about 25 per cent have immediate plans to cut back on expenses such as entertainment and daily living expenses, while 18 per cent plan to carry credit card debt for at least two months.

And while 20 per cent of people surveyed said they planned to set aside savings for the next holiday season, half said they “have no idea” how much they might be able to save.

“We know Canadians have the best of intentions about saving and that it can be difficult to set a budget and stick to it. In these uncertain times, we’re also seeing that, while some are able to save more than they thought because they are spending less, others are struggling to make ends meet as a result of the pandemic,” said Niranjan Vivekanandan, vice-president of term investments and savings at RBC.

READ MORE: Canadians said they’d drop average holiday shopping to $200 each as pandemic takes hit on budget


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Want to support local journalism during the pandemic? Make a donation here.

CoronavirusHolidaysShopping and Classifieds

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

COVID
Red Deer down to 313 active cases of COVID-19

Alberta reports an additional 411 COVID-19 cases

Seniors in the 65-unit Piper Creek Lodge are among those waiting for COVID-19 vaccinations. (File photo by Advocate staff)
Central Alberta senior lodges anxiously waiting for COVID-19 vaccinations

“Should be at the front of the line, not the back of the line”

THE CANADIAN PRESS/Alex Panetta
Economists “cautiously hopeful” for economic recovery in Alberta

Charles St. Arnaud says Alberta’s recovery will rebound along with roll-out of the COVID-19 vaccine

Alberta’s chief medical officer of health Dr. Deena Hinshaw acknowledged that Friday would be one year since the first case of COVID-19 was identified in the province. (photography by Chris Schwarz/Government of Alberta)
Three more Red Deer COVID-19 deaths, 331 active cases in Alberta

Red Deer is down to 362 active cases of the virus

Caitlin Kraft, the sister of Jeffery Kraft, stands third from the left, holding a sign calling for the maximum sentence for Campbell, who is charged with manslaughter. (Photo by Paul Cowley)
UPDATED: Judge again rejects submission of 7-year sentence for slaying of Kraft

Tyler John Campbell charged with second-degree murder for December 2019 homicide

Supporters rally outside court as Pastor James Coates of GraceLife Church is in court to appeal bail conditions, after he was arrested for holding day services in violation of COVID-19 rules, in Edmonton, Alta., on Thursday March 4, 2021. THE CANADIAN PRESS/Jason Franson
‘Law remains valid:’ Pastor accused of violating health orders to remain in jail

The Justice Centre for Constitutional Freedoms is representing the pastor

A decommissioned pumpjack is shown at a well head on an oil and gas installation near Cremona, Alta., Saturday, Oct. 29, 2016. The Alberta Energy Regulator says it is suspending all of the licences held by an oil and gas producer with more than 2,200 wells and 2,100 pipelines after it failed to bring its operations into compliance. THE CANADIAN PRESS/Jeff McIntosh
Alberta Energy Regulator suspends licences of oil and gas producer that owes $67M

The company is being asked to comply with past orders to clean up historic spills and contamination

Prime Minister Justin Trudeau holds a press conference in Ottawa Friday, March 5, 2021. THE CANADIAN PRESS/Sean Kilpatrick
Trudeau holds firm on premiers’ health-care funding demands, COVID-19 aid comes first

Premiers argue that the current amount doesn’t keep pace with yearly cost increases of about five per cent

Pictured here is Stettler’s Jenner Smith with a guide dog from Aspen Service Dogs. An online auction will be running soon to help raise funds for Jenner to receive his very own service dog later this year. Jenner, who is four years old, was diagnosed with Autism Spectrum Disorder in 2019. photo submitted
An online auction is planned to raise funds for a service dog for a Stettler family

Jenner Smith, four, was diagnosed with Autism Spectrum Disorder in 2019

Walter Gretzky father of hockey hall-of-famer Wayne Gretzky waves to fans as the Buffalo Sabres play against the Toronto Maple Leafs during third period NHL hockey action in Toronto on Tuesday, Jan. 17, 2017. THE CANADIAN PRESS/Nathan Denette
Walter Gretzky, father of the Great One, dies at 82

Canada’s hockey dad had battled Parkinson’s disease and other health issues

This Dec. 2, 2020 photo provided by Johnson & Johnson shows vials of its Janssen subsidiary’s COVID-19 vaccine in the United States. THE CANADIAN PRESS/AP-Johnson & Johnson via AP
Canada approves Johnson & Johnson’s 1-shot COVID-19 vaccine

It is the 4th vaccine approved in Canada and the 1st that requires just a single dose

(AP Photo/Richard Vogel, File)
Pandemic stress, isolation key factors as to why Canadians turned to cannabis, alcohol

Study found that isolation played key role in Canadians’ substance use

Most Read