Canadians worry about holiday budgeting - but most ignore a simple solution
PC Financial® survey shows Canadians are collecting loyalty rewards more, but redeeming less
TORONTO, Dec. 2, 2014 /CNW/ - Canadians are cutting back on things they love – such as impulse shopping, eating out and entertainment – in order to afford holiday gift-giving, but are missing out on the opportunity to use their loyalty points, according to a new Leger survey conducted for President's Choice Financial.
According to the survey, Canadians are earning loyalty rewards more than ever, with 94 per cent of us collecting, compared with 81 per cent a year ago. However, while last year 46% of Canadians said they would consider using their loyalty rewards points on holiday purchases, this year only 13% plan to choose points over other payment methods. The survey shows that Canadians plan to spend an average of $600 on gifts, with most expecting to cover the costs by shelling out their hard-earned cash.
"This season can be financially tight for families, and yet a simple money-saving solution is right there in our wallets," said Kathy Buckworth, author, parent and Chief Family Advisor for President's Choice Financial. "When planning my family's holiday purchases, I consider how much my loyalty rewards points can buy before dipping into my cash or credit cards. The PC points I collect all year long go a long way towards expenses like holiday groceries and gifts for everyone on our list."
Of those surveyed, Canadians who collect loyalty rewards points expect to be able to budget about $150 more this year than those who do not. Redeeming rewards points on everyday items to make room for the high-spend season can add flexibility to the holiday budget.
The survey also revealed that fifty per cent of Canadians hang on to their points until they can splurge and redeem them for big-ticket items, while 40 per cent of Canadians are redeeming their loyalty rewards on everyday items.
Canadians can do both with the right rewards program. A PC Financial® MasterCard® credit card allows customers to earn PC® points on each purchase, everywhere they spend – making it easier to collect and redeem for everyday necessities that families often overlook during the holiday season. In fact, year-over-year, those who earn PC® points tend to use them in advance of the holidays, with the week leading up to Christmas being the most popular time for redemptions.
"It's easier than you think to collect loyalty rewards points and use them to bolster your budget, over the holidays and throughout the year," said Barry Columb, President of President's Choice Bank. "Our PC Financial MasterCard helps customers earn points and redeem for things they want and need, whether it's for every day purchases or the big splurges around the holiday season."
PC® points are easily redeemable for food, gift cards, mobile devices and more at Loblaw banner stores across the country. In addition, those registered with the PC Plus™ program receive weekly personalized offers on the food they love most.
ADDITIONAL SURVEY FINDINGS:
- On average, Canadians say they are likely to spend close to $100 less on gifts this year compared to 2013;
- Forty-five per cent of those who collect loyalty rewards do so through a credit or debit card; and
- Eighty-five per cent of those surveyed said the ideal holiday would be one spent with family.
About the survey
The President's Choice Financial survey was completed online using Leger's online panel, Leger Web, with a representative sample of 1,503 Canadians between October 29 and November 5, 2014. A probability sample of the same size would yield a margin of error of ± 2.5%, 19 times out of 20.
About President's Choice Bank
President's Choice Bank® services are a unique Bank service offering designed by Loblaw Companies Limited. The President's Choice Financial MasterCard® is provided by President's Choice Bank, while banking services are provided by the direct banking division of CIBC. For more information visit www.pcfinancial.ca or follow us on Facebook, Twitter @PCFinancial and YouTube.
About Loblaw Companies Limited (TSX: L)
Loblaw Companies Limited, a subsidiary of George Weston Limited, is Canada's largest food retailer and a leading provider of drugstore, general merchandise and Bank products and services. Loblaw is one of the largest private sector employers in Canada. With more than 1,000 corporate and franchised stores from coast to coast, Loblaw and its franchisees employ more than 134,000 full-time and part-time employees. Through its portfolio of store formats, Loblaw is committed to providing Canadians with a wide, growing and successful range of products and services to meet the everyday household demands of Canadian consumers. Loblaw is known for the quality, innovation and value of its food offering. It offers Canada's strongest control (private) label program, including the unique President's Choice®, no name® and Joe Fresh® brands. In addition, the Company makes available to consumers President's Choice Bank® services and offers the PC® points and PC Plus™ loyalty program.
SOURCE: President's Choice Financial
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