TORONTO, ONTARIO--(Marketwire - Nov. 24, 2012) - With Cyber Monday just days away, Canadian businesses are gearing up for consumers who plan to go online to shop. However, despite a growing online shopping trend, today's BMO study found that Canadians are still most likely to opt for a 'real' shopping cart over a 'virtual' checkout this holiday shopping season.
[NOTE: Cyber Monday refers to the Monday following American Thanksgiving.]
According to the 2012 BMO "Cyber Monday Report", 44 per cent of Canadian consumers plan to shop online this coming Cyber Monday. Interestingly, 16 per cent will be buying gifts for others, five per cent will be buying gifts for themselves, and 23 per cent will be shopping for both themselves and others. Men are almost three times more likely than women to be making a purchase just for themselves (eight per cent vs. three per cent).
Regionally, Quebecers are least likely (19 per cent) to shop online on Cyber Monday, and those in the Atlantic provinces are most likely (56 per cent).
"With online shopping becoming a critically important sales channel for retailers, we are beginning see Canadian businesses making investments and increasing their online focus to make the shopping experience as convenient and easy as possible," said Steve Murphy, Senior Vice President, Commercial Banking, BMO Bank of Montreal. "For Canadian consumers and businesses, Cyber Monday has become the kick-off to the online holiday shopping season, and by far the busiest online shopping day of the year."
Douglas Porter, Deputy Chief Economist, BMO Capital Markets, adds, "As more Canadian retailers mirror U.S. sales promotions, there is the potential for significant activity on Cyber Monday. More than ever, Canadian shoppers are taking notice and adjusting their retail calendar."
Where Will Canadians Be Shopping this Holiday Season?
The BMO report, conducted by Pollara, found that 50 per cent of Canadians say they plan to do some of their shopping online for gifts this holiday season - up four percentage points from 2011, and nine percentage points from 2010. Despite the growing trend toward online shopping, the report found that, overwhelmingly (77 per cent), Canadians plan to make purchases in person at a shopping mall. Other popular choices include:
- Big box stores - 57 per cent
- Outlet or discount stores - 46 per cent
- Independent boutique shops - 25 per cent
In addition, the survey found that 13 per cent of Canadians plan to shop south of the border in the U.S - down from 18 per cent in 2011. British Columbians, at 22 per cent, are the most likely to plan to cross-border shop.
Canadians 65 and older are less likely to shop online during the holiday season (35 per cent), as are those in Quebec (36 per cent). Albertans (59 per cent) are the most likely to make a purchase over the internet.
|Where do you plan to do your holiday shopping this year?
|Big Box Stores
|Outlet or Discount Stores
|Independent Boutique Shops
|South of the Border, in U.S. Stores
The survey results cited in the 2012 BMO Cyber Monday Report conducted by Pollara are compiled from a random online survey of 1,000 Canadians 18 years of age and over between October 11 and October 16, 2012. 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 $542 billion as at July 31, 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.