(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

A nurse performs a test on a patient at a drive-in COVID-19 clinic in Montreal, on Wednesday, October 21, 2020. (THE CANADIAN PRESS/Paul Chiasson)
30 new COVID-19 cases, five more deaths in Interior Health

This brings the total number of cases to 7,271 since testing began

Purcell Preschool students. Submitted
Pink Shirt Day at Purcell Preschool

Students at Purcell Preschool in Kimberley are making friends and being friends… Continue reading

The property at 323 Banks Street will be developed into three units. Carolyn Grant photo
Development permit sought for 323 Banks Street, Kimberley

Kimberley residents, especially those in Lower Blarchmont, will be pleased to learn… Continue reading

The city of Kimberley hopes to open the aquatic centre by summer. Bulletin file
City of Kimberley hopes to open aquatic centre by summer

Renovations to building must be completed first

Castlegar’s Gabrielle Herle (right) will be one of the speakers at the conference. She is seen here with Wendy Gaskill from Chinook Scaffolding accepting their Contractor of the Year Award in 2019 from the Builders Code Champion Awards. Photo: Submitted
Girls in STEAM and Leadership Conference offered free for all girls in the Kootenay Boundary

Virtual conference for girls in grades 8 to 12 will be taking place on March 8

Dr. Bonnie Henry talk about the next steps in B.C.'s COVID-19 Immunization Plan during a press conference at Legislature in Victoria, B.C., on Friday, January 22, 2021. THE CANADIAN PRESS/Chad Hipolito
456 new COVID-19 cases in B.C., 2 deaths

Since January 2020, 78,278 have tested positive for the novel coronavirus in B.C.

A health-care worker prepares a dose of the Pfizer-BioNTech COVID-19 vaccine at a UHN COVID-19 vaccine clinic in Toronto on Thursday, January 7, 2021. (THE CANADIAN PRESS/Nathan Denette)
Vaccinating essential workers before seniors in B.C. could save lives: experts

A new study says the switch could also save up to $230 million in provincial health-care costs

The late Michael Gregory, 57, is accused of sexually exploiting six junior high students between 1999 and 2005. (Pixabay)
Former Alberta teacher accused of sexually assaulting students found dead in B.C.

Mounties say Michael Gregory’s death has been deemed ‘non-suspicious’

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

According to a new poll, a majority of Canadians want to see illicit drugs decriminalized. (THE ASSOCIATED PRESS)
Majority of Canadians think it’s high time to decriminalize illicit drugs: poll

More than two-times the B.C. residents know someone who died from an overdose compared to rest of Canada

Interior Health officially declared a COVID-19 outbreak at Creekside Landing in Vernon on Jan. 3, which was followed by the first death from the virus 10 days later. (Kaigo photo)
COVID outbreak over at Vernon care home

Creekside Landing cleared of coronavirus, despite additional death in last day

Photograph By @KAYLAXANDERSON
VIDEO: Lynx grabs lunch in Kamloops

A lynx surprises a group of ducks and picks one off for lunch

(Black Press Media file photo)
B.C. residents can reserve provincial camp sites starting March 8

B.C. residents get priority access to camping reservations in province

Most Read