MONTREAL, Nov. 22, 2011 /CNW/ - Quebecers will be keeping their holiday
spending in check this year, with gift-givers planning to spend an average of $461 on their holiday gift purchases this year, well below the $640 national average, according to
an RBC survey.
When it comes to spending in other areas over the holidays - clothing, travel, decorations, beauty
services, food and drink, and entertainment - the province's consumers
are also tightening their purse strings, expecting to spend $563
compared to the Canadian average of $612.
"Having a gift-giving budget in mind at this time of year can help
ensure you're only spending as much as you can afford," said Maria
Contreras, product manager, Savings Accounts, RBC. "If you track your
spending and savings the same way for the holidays as you do year-round
- always keeping your budget in mind - you'll be in good financial
shape when the new year begins."
The RBC survey also found that many Quebecers prefer to do their
gift-buying with money they already have in hand, including cash (57 per cent) and debit cards (26 per cent) among their top three options for financing holiday purchases. Credit cards (34 per cent) round out the top three. In addition, the percentage of
Quebecers who haven't yet thought about how they will cover their
holiday expenses has dropped down to 8 per cent from 15 per cent last
In 2010, Quebec consumers were among the best in Canada at sticking to
their holiday budgets, with just over one-quarter (28 per cent)
spending more than planned (best in the country), with an average
over-expenditure of $393 (second lowest only to overspenders in
Saskatchewan/Manitoba). To compensate for overspending, Quebecers opted
to cut back on entertainment, day-to-day living expenses, credit card
use and coffee/lunch costs.
Online resources offering savings advice can also help Quebecers to hold
their holiday spending in line - www.rbc.com/savingsspot, for example, includes a number of useful savings resources and
calculators. Contreras also offered the following savings tips.
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 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:
Kathy Bevan, RBC, 416 974-2727, firstname.lastname@example.org
Elyse Lalonde, RBC, 416 974-8810, email@example.com