SOURCE: Scotiabank

Scotiabank

November 29, 2013 06:00 ET

Joy to the Mall! Canadians Shop With a Festive Spirit: Scotiabank Poll

Canadians to Spend $899 This Holiday Season

TORONTO, ON--(Marketwired - November 29, 2013) - Six-in-ten Canadians (61%) will head to the mall to do most of their holiday shopping, followed by small shops (16%) and shopping online (15%), according to Scotiabank's Holiday Poll. Most Canadians (61%) feel festive when hitting the mall, experiencing joy and happiness before heading out the door. When it comes to total holiday spending, Canadians are planning to spend more this year with an average of $899 up from $822 in 2012.

Quick Facts:

  • Men are planning to spend more than women this holiday season ($961 vs. $839).
  • Half (49%) of Canadians have saved enough to cover the cost of all their holiday gifts while only 10% report not having saved enough for any gifts.
  • Two-thirds (67%) of Canadians do at least a little planning for their holiday expenses, while 31% spend as they need to.
  • The most common ways Canadians stick to their budget include making lists and planning spending in advance (16%), having self-discipline and sticking to a budget (15%), looking for sales and bargains (13%), and budgeting a certain amount per person or gift (12%).
  • Just over half (54%) will use money that is readily available (cash or debit) to pay for their holiday expenses, with 4-in-10 (41%) planning to use credit.
  • Canadians are more likely to pay with cash for their holiday purchases (27%), up from 20% last year.
  • Canadians aged 25-44 (21%) are more likely than those aged 50 and over (11%) to make most of their holiday purchases online.

Quote:
"It is encouraging to see that so many Canadians saved ahead of time to cover their holiday expenses," said Mike Henry, Senior Vice President of Retail Payments, Deposits and Lending, Scotiabank. "Before heading out the door, arm yourself with a list of what you need to purchase and how much you can afford so that you can avoid impulse buys and keep those merry feelings well into the New Year."

 
Where Canadians Make Their Holiday Purchases by Region
  Canadian average Atlantic Region Quebec Ontario Man/Sask Alberta B.C.
In malls 61% 64% 76% 55% 59% 57% 57%
In small 
shops/stores
16% 12% 12% 20% 12% 8% 18%
Online 15% 13% 8% 15% 18% 25% 18%
               
 
Holiday Spending by Region
  Canadian average Atlantic Region Quebec Ontario Man/Sask Alberta B.C.
Intended Total Holiday Spending $899 $1,064 $640 $1,075 $931 $871 $775
Intended Gift Spending $623 $854 $452 $713 $658 $594 $551
                             

About the polling data
Harris/Decima completed 1,006 online surveys among a random sample of Harris/Decima panel members. The study was conducted from November 1, 2013 through November 7, 2013.

About Scotiabank
Scotiabank is a leading multinational financial services provider and Canada's most international bank. With more than 83,000 employees, Scotiabank and its affiliates serve some 21 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. Scotiabank distributes the Bank's media releases using Marketwired. With assets of $743 billion (as at July 31, 2013), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). For more information please visit www.scotiabank.com.

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