Only a quarter of Canadians planning to capitalize on Black Friday and Cyber Monday deals to help offset holiday spending
TORONTO, Nov. 16, 2017 /CNW/ -- With the major sale occasions Black Friday and Cyber Monday just a week away you would think Canadians would be making their (shopping) lists and checking them twice! However, according to a recent survey from savings destination RetailMeNot.ca, only 26 per cent of Canadians plan to take advantage of the amazing deals to be had, despite holiday spending predicted to be at an all-time high at an average of $1,400 per person. It appears Canadian confusion could be the culprit when it comes to the low number of door crashers come November 24th, with 42 per cent of the country stating they are still confused how to find the best deals on Black Friday and Cyber Monday. Despite this, over half the country (60 per cent) believe excitement is growing for Black Friday and Cyber Monday and 59 per cent say they are becoming more of a staple in Canada. Some Canadians just need a little help with over one-quarter (29 per cent) wishing they had someone to help them navigate how to find the best deals. Savings destinations like RetailMeNot.ca can help Canadians plan ahead to take full advantage of Black Friday and Cyber Monday!
Education is Key
Thirty-five per cent of Canadians try to find deals while holiday shopping but end up paying full price anyway, perhaps they can adopt some strategies from their neighbours down south in order to save. Over half of Americans (54 per cent) plan to take advantage of Black Friday and Cyber Monday sales to kick off their holiday spending. With retailers releasing Black Friday deals earlier in the week, Canadians can get ahead of the shopping season, creating a plan of attack and avoiding stock issues once the sales hit. Additionally, they can get an early peak of what offers are available at their favourite retailers in order to maximize holiday spending.
"Half of Canadians worry about money throughout the holiday season, yet are not properly planning to ensure they maximize their spending," says Sara Skirboll, Shopping and Trends Expert for RetailMeNot.ca. "By planning ahead to create a shopping strategy, then searching for coupon codes on sites like RetailMeNot.ca in order to maximize savings, the holiday season can become a whole lot less stressful."
Holiday High Costs
Celebrating the holidays comes at a high cost - it's no wonder that one-third (33 per cent) regret spending so much once their bills arrive, especially with many overspending on gifts (43 per cent), as well as alcohol and food (34 per cent) this time of year. For those dishing out the dollars this holiday season, Canadians are planning to spend an average of:
- Total Spend on Gifts: $653 which is nearly $100 more than Canadians spent last year and $171 more than Americans plan to spend;
- Total Spend Holiday Entertaining: $384 with Quebec residents spending the most in the country at an average of $540;
- Food & Alcohol: $258 for holiday guests alone;
- Holiday Decor: $87 which is nearly $25 more than U.S. residents;
With only 14 per cent of Canadians setting a budget at the beginning of the season, it is no wonder why Canadians are cash-strapped post holidays and why taking advantage of sale occasions has never been more important.
Other Survey Findings Include:
- Hectic Holidays: Between all of the celebrating, 61 percent of Canadians feel that the holiday season is very hectic and 57 per cent find it stressful;
- Black Friday Bros: Twenty-six per cent of men state that sale days are becoming more of a tradition for them vs only 19 per cent of women, and eight per cent more men would be willing to travel more than an hour for a good Black Friday deal;
- Selfish Santa: Thirty-one per cent of Canadians use Black Friday and Cyber Monday to shop for themselves. This is even truer for men with 38 per cent agreeing versus only 21 per cent of females.
RetailMeNot.ca regularly conducts consumer trend and spending surveys.
About the survey:
From October 27th to October 28th, 2017 an online survey was conducted among 1,509 randomly selected Canadian adults who are Angus Reid Forum panelists. The margin of error—which measures sampling variability—is +/- 2.5%, 19 times out of 20. The results have been statistically weighted according to education, age, gender and region (and in Quebec, language) Census data to ensure a sample representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.
About RetailMeNot, Inc.
RetailMeNot, Inc. (https://www.retailmenot.com/corp/) is a leading savings destination connecting consumers with retailers, restaurants and brands, both online and in-store. The company enables consumers across the globe to find hundreds of thousands of digital offers to save money while they shop or dine out. RetailMeNot, Inc. estimates that approximately $4.4 billion in retailer sales were attributable to consumer transactions from paid digital offers in its marketplace in 2016, more than $600 million of which were attributable to its in-store solution. The RetailMeNot, Inc. portfolio of websites and mobile applications includes RetailMeNot.com in the United States; RetailMeNot.ca in Canada; VoucherCodes.co.uk in the United Kingdom; ma-reduc.com and Poulpeo.com in France; and GiftCardZen.com and Deals2Buy.com in North America. As wholly owned subsidiaries of Harland Clarke Holdings, RetailMeNot and Valassis, a leader in intelligent media delivery, are partnering to connect retailers and consumers through meaningful digital, mobile and print promotions both online and in store.
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