Prairie consumers planning to spend more in 2011
TORONTO, Nov. 22, 2011 /CNW/ - Consumers in Manitoba and Saskatchewan are getting into the holiday
spirit this year, with 88 per cent intending to give gifts and to spend an average of $686 doing so - up almost $100 from $589 in 2010 -
according to an RBC survey. Spending on other holiday items (decorations, food and drinks, clothing, etc.) is
expected to jump even more - to $742 compared to $523 last year.
"Spending on gifts for family and friends has always been a big part of
the holiday season - having a budget in mind before you start checking
off your gift list is a simple way to make sure you don't overdo
things," advised Maria Contreras, product manager, Savings Accounts,
RBC. "Relying on money you already have - by using cash or your debit
card -will also help ensure you don't take on debt over the holidays
and are in very good financial shape for the new year."
Many Prairie consumers intend to use money in hand to do their
gift-buying, including cash (53 per cent) and debit cards (25 per cent) among their top three financing options for holiday purchases. Credit cards (40 per cent) round out the top three. In addition, the percentage of
people in the Prairies who haven't yet thought about how they will
cover their holiday expenses has dropped to 12 per cent from 17 per
cent in 2010.
In 2010, over one-third (35 per cent) of Manitoba and Saskatchewan
consumers overspent their holiday budget by an average of $380, the
lowest mark in the country. To pay off their post-holiday bills in the
new year, overspenders opted to cut back in a number of areas,
including credit card use, entertainment and day-to-day living
Using online budgeting and savings resources available on websites such
as www.rbc.com/savingsspot can be of great assistance to help keep holiday spending plans under
control, added Contreras. She also offered basic spending tips below.
Six Savings Tips for the Holidays and Year-Round
Curb your impulses. Count to 30 before impulse buying in a store, or wait 24 hours before
making an online shopping decision.
Pay yourself first. Make your savings plan part of your bill paying routine, just like
cable, utilities and mortgage payments.
Track your expenses. Make a list of all your expenditures over three months to see where
there are opportunities to turn spending into saving.
Keep a separate savings account. Set up an account dedicated to savings; in this way, your savings won't
get mixed in with your day-to-day cash.
Set a target date for your savings goal. Having a deadline can help you decide how much to put away and how
Visualize your savings goal. Are you saving for a vacation? A big screen TV? Keep a photo of your
dream on hand, to inspire you to continue saving.
About RBC's savings and other financial advice and interactive tools
Canadians can access www.rbc.com/savingsspot for free savings advice and resources. In addition, all personal RBC online banking clients can use myFinanceTracker, a no-cost interactive financial management tool, to create a set
budget and track their spending habits. Whether Canadians want to get
more from their day-to-day banking, protect what's important, save and invest, borrow with confidence or
take care of their businesses, the RBC Advice Centre can help answer their questions. Interactive tools and calculators
provide customized information covering many facets of personal
finance. In addition, online advice videos are updated regularly to
reflect current trends and to answer the questions that are top of mind
with Canadians. With the guidance of RBC advisors who are available to
chat live, Canadians have access to free, no-obligation professional
advice about RBC products and services and personalized one-on-one
service at www.rbcadvicecentre.com.
About the RBC survey
As part of Canada's most comprehensive consumer attitudes poll, this
survey was conducted online via Ipsos Reid's national I-Say Consumer
Panel to 3,054 Canadians (453 British Columbia, 454 Alberta, 458
Saskatchewan/Manitoba, 705 Ontario, 516 Quebec, 467 Atlantic Canada).
Weighting was then employed to balance demographics and ensure that the
sample's composition reflects that of the adult population according to
Census data and to provide results intended to approximate the sample
universe. Data collection was September 26 to October 3, 2011. A survey
with an unweighted probability sample of this size and a 100 per cent
response rate would have an estimated margin of error of ±1.65
percentage points, 19 times out of 20, of what the results would have
been had the entire population of adults in Canada been polled.
For further information:
Craig Christie, RBC Corporate Communications, 416 974-8820, email@example.com
Kathy Bevan, RBC Corporate Communications, 416-974-2727, firstname.lastname@example.org