VICTORIA, Dec. 13, 2012 /CNW/ - While a new poll from Consumer
Protection BC shows that 95 per cent of consumers are purchasing gifts
this holiday season, 64 per cent say they're planning on spending less
than in 2011.
As part of "Be Money Smart This Holiday Season," a wintertime campaign
focused on financial literacy, Consumer Protection BC polled some 1,150
consumers over a six-day period in late November about their holiday
Of the consumers who plan on purchasing holiday gifts this year, 24 per
cent revealed they don't have any immediate savings available. As such,
16 per cent plan to use credit cards and pay the total off over time; 5
per cent plan on using a bank overdraft; 2 per cent plan on taking out
a payday loan; and 1 per cent plan on taking out a loan from a bank (or
"This year, one in four gift-givers are going to purchase presents by
credit or loan - that's eye opening," says Tatiana Chabeaux-Smith,
manager of corporate communications at Consumer Protection BC. "With BC
having the highest consumer debt of any province or territory in
Canada, at about $38,000 per household, now's the time for all of us to
start having important conversations about our personal spending
As part of the campaign, consumers are being asked to post a holiday
money-savings tip on the Consumer Protection BC Facebook page. More
than 1,500 tips have been shared so far, including:
"I plan in advance what I'm going to buy people, to prevent impulse
buying and having my holiday bills far exceed what I'd planned." -
"Make a gift for loved ones. A good gift doesn't have to come with a
store gift receipt." - Patricia S.
"Don't buy what you can't pay for in January." - Douglas R.
"Get together with a friend or two and buy your baking supplies bulk or
larger sizes and split it up. Have cookie swaps for a larger variety of
treats" - Silvia D.
This holiday season, Consumer Protection BC offers the following three
tips to consumers:
Set a budget. To avoid overspending on gifts, make a budget and make a list of what
you're planning to buy before you head out shopping.
Know the rules around gift cards. 67 per cent of the poll respondents say they will be buying gift cards
for loved-ones. Some gift cards, such as mall cards, can still have
fees, while others, such as those bought for a specific service can
have expiry dates. Check our website to find out more about gift cards
Ask about returns and refunds. In BC, stores can set their own policies. Make an informed decision by
finding out their return and refund policy before making your purchase.
To contribute to or to read all of the consumer tips as part of the "Be
Money Smart This Holiday Season" campaign (on until Dec. 31, 2012)
visit the Consumer Protection BC Facebook page at www.facebook.com/ConsumerProtectionBC.
About Consumer Protection BC:
Consumer Protection BC is a not-for-profit corporation that was created
to strengthen consumer protection in BC and enforce consumer protection
laws. We balance the interests of all parties to promote a marketplace
that is fair for both BC consumers and BC businesses. We license and
inspect specific industries, respond to inquiries through our Inquiry
Centre, investigate alleged violations of consumer protection laws, and
educate consumers and businesses about their rights and
responsibilities under the law. For more information about our
organization, please visit our corporate website at www.consumerprotectionbc.ca. You can also follow Consumer Protection BC on Twitter @ConsumerProBC, like us on Facebook and read our blog for valuable consumer tips and resources.
SOURCE: Consumer Protection BC
For further information:
Melaina Haas, Marketing and Communications Coordinator
Phone: 250-920-7112 ext 2824 Toll free: 1-888-777-4393