BMO Financial Group

BMO Financial Group
BMO Bank of Montreal

BMO Bank of Montreal

June 15, 2012 08:34 ET

BMO Father's Day Survey Reveals What Shoppers Will Spend on Dad

- Two-in-three expect to buy a gift to celebrate Dad

- Women more likely to get Dad a gift, while men plan to spend more

- Report shows what Dads across Canada can expect

TORONTO, ONTARIO--(Marketwire - June 15, 2012) - Today, BMO Bank of Montreal released the results of its 2012 Father's Day survey, which revealed the majority of Canadians (66 per cent) are planning to buy their Dad a Father's Day gift and expect to spend an average of $86.

The survey, conducted by Pollara, also revealed:

  • Women are more likely (71 per cent) to buy Dad something for Father's Day than men (61 per cent)
  • Men, on the other hand, plan to spend more on their fathers than women ($97 versus $77 respectively)
  • Those in Atlantic Canada are set to spend the most on their fathers this year - an average of $106
  • Albertans, however, are the most likely (72 per cent) to buy their Dad a gift this Father's Day; followed by Ontario (69 per cent)

Su McVey, Vice President, BMO Bank of Montreal, noted that planning for all holiday spending, including Father's Day, can help keep annual gift spending in check.

"Occasions for gift giving and general holiday spending happen often over the course of a year, and when you add everything up, it represents a significant annual expense," said Ms. McVey. "Planning for all of these expenses and tracking them with a tool such as BMO MoneyLogic can help manage expenses and avoid any last-minute decisions - which can often lead to overspending."

The Father's Day Survey follows a recent Mother's Day report that showed Canadians planned to spend an average of $84 for Mom.

Regional findings - Father's Day

Giving Gift 66% 68% 62% 69% 60% 72% 66% 61% 71%
Average Spend $86 $106 $62 $92 $86 $93 $93 $97 $77

BMO Bank of Montreal offers the following advice for last-minute Father's Day shoppers:

Don't panic!: You still have time to get something. Write down a few ideas then call ahead to the retailer to confirm whether or not your item is in stock to avoid wasted travel time. If your item is in stock, ask them to hold it for you so you can get in and out of the store quickly.

Remember your budget: Regardless of what holiday or special occasion it may be, it is important not to neglect your regular budget - including saving and spending goals. Using online tools, such as BMO MoneyLogic, to set and track spending limits can help keep you on track.

Keep an eye out for sales: The one benefit to last-minute shopping is that retailers are often anxious to clear their inventory before Father's Day, so look for sales. Take some time to comparison shop and look for store sales to ensure you don't break the bank while shopping for dad.

Check return policies: Check the retailer's return policy before making a purchase. Knowing the return policy can help ease the stress of last-minute shopping and help safeguard against the consequences of making impulse gift purchases.

Earn extra rewards: Stretch the value of every dollar you spend by using a credit card with loyalty reward programs. Rewards earned on the BMO World Elite and BMO AIR MILES credit cards make travel, vacations, gift-giving and everyday living more affordable.

The Pollara online survey was completed from June 1-6, 2012, with a sample of 1,001 Canadians. A probability sample of this size would yield results accurate to ± 3.1 per cent, 19 times out of 20.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $525 billion as at April 30, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.

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