BMO Sees Holiday Spending Generous in 2011
BMO released today their annual report, the BMO 2011 Holiday Spending Outlook, that analyzes Canadian Winter holiday gift giving trends.The report found that despite the economic downturn Canadians are still generous and BMO’s report stated that Canadians expect to spend $1397 on average this holiday season.
In a survey conducted by Ledger Marketing, Canadian’s spending was divided into a few categories. Anticipated this year, Canadians expect to spend, on average, $582.70 on gifts, $359.80 on travel, $307.30 on entertaining guests and $147.50 on other expenses. The province with the highest average on spending for the season was Alberta where residents expect to spend $1598.80 while Manitoba/Saskatoon came in with the lowest expectation at $1032.80.
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"Given the current challenges when it comes to managing the household balance sheet, it's important that Canadians put a budget in place and track their holiday spending to avoid over-extending – which can happen pretty quickly this time of year," says Su McVey, Vice President, BMO Bank of Montreal. "Online banking features, including tools such as BMO MoneyLogic™, allow Canadians to set spending limits and get immediate insights into whether or not they are staying on track."
BMO Bank of Montreal, paired with these findings, also suggested some tips that shoppers should keep in mind to prevent overspending this holiday.
- Set a Budget and Stick to It – Build your budget as early as possible and revisit it often to lessen the impact of the holiday spending surge. Using online tools, such as BMO MoneyLogic, to set and track spending limits can help keep you on track.
- Get a Head Start – According to the survey, while the majority of Canadians plan weeks or even months ahead for their holiday shopping (81 per cent), one in 10 consider themselves last-minute shoppers. By waiting until the last minute to get your holiday shopping finished, you risk over-spending, going over budget and sometimes missing out on the gifts at the top of your list.
- Spend Smart – Get the most out of your purchases this holiday season by using a credit or debit card that offers rewards for purchases at multiple retail locations. Combine this with programs such as the AIR MILES® Reward Program to accelerate your rewards earnings by allowing you to double dip, essentially earning rewards twice on the same purchase.