Despite an expensive holiday season, Canadians aren't holding back when it comes to Boxing Day and New Year's spending
TORONTO, Dec. 18, 2017 /CNW/ -- With Canadians heading into the holiday shopping home stretch, some may think they can take a spending sigh of relief. Think again. According to a recent survey from savings destination RetailMeNot.ca, Canadians could be spending upwards of $600 on Boxing Day and New Year's Eve alone - that's on top of the $1,400 they already spent on holiday celebrations.
During these post-Christmas spending occasions, it seems that Canadians shift from the spirit of gift giving to shopping for themselves. In fact, Canadians are spending an average of $215 on themselves alone during Boxing Day sales, which is more than they are spending on anyone else in their lives, loved ones included.
Despite the deals found on Black Friday and Cyber Monday, Canadians are still loyal to their original sale occasion - Boxing Day. In fact, less than one quarter (24 per cent) of Canadians feel that Black Friday and Cyber Monday have become more important than the Boxing Day and 40 per cent state they will always shop Boxing Day deals. Canadians are still largely sticking to the traditional ways of shopping for Boxing Day sales, with more than half (58 per cent) of Canadians shopping in store for deals.
Boxing Day Blowouts
Seventy-seven per cent of Canadians find shopping in store on Boxing Day overwhelming, so 60 per cent are planning to ease the stress by spreading their shopping out over Boxing Week. When spending during these end of year deal days, Canadians, on average, plan to spend:
- $215 on themselves;
- $209 on their spouse;
- $105 on their boyfriend/girlfriend;
- $70 on hostess gifts.
But the spending doesn't stop there! You may think that most Canadians plan to make strict spending resolutions for the New Year, yet only 35 per cent of Canadians plan on involving saving money in their New Year's resolutions. In addition, only 30 per cent of Canadians plan on including sticking to a budget in the new year and even less (29 per cent) will create resolutions involving paying off debts.
"We all know the holidays can be an expensive season, so it's important for Canadians to keep an eye on their spending even after the holidays," says Sara Skirboll, Shopping & Trends Expert for RetailMeNot.ca. "In order to avoid the Blue Monday blues when your credit statement arrives in January, consider savvy spending habits to get you through the final days of the year. Searching for coupon or promo codes on sites like RetailMeNot.ca to add on top of a sale item can really maximize your savings."
Countdown to Celebrations
From planning the night to picking the perfect outfit, New Year's Eve celebrations can come at a cost. This year, Canadians are planning to spend an average of $245 per person when ringing in the New Year. This price tag hasn't stopped the majority of Canadians (60 per cent) from celebrating - here's how those dollars will shake out:
- Entertaining Extravaganza - Nearly half of Canadians (45 per cent) prefer to host a party on December 31. In addition, Canadians are planning on spending $117 on food, $95 on alcohol and an additional $95 on party decor;
- Pampered Prep Time - Picking the perfect outfit can add up - Canadians are planning on dishing out $128 on putting together an amazing get-up and $62 on grooming and beauty for the big night;
- Hitting the Town - For those Canadians heading out to celebrate, they are planning on spending $270 on accommodations, $107 on event tickets and $76 on transportation.
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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