OTTAWA, Jan. 6, 2016 /CNW Telbec/ - This is the time of year when money gets tighter as the bills come in for holiday expenses, but with a little research, consumers can reap the benefits of competition and ease the post-holiday pain with some extra savings. These savings can be had across the spectrum in nearly every kind of service or product. Here are some examples:
- Consumer loyalty to the financial institution holding their mortgage is costing Canadians between $759 and $1,617 a year, a 2012 Bank of Canada study reported. It found that consumers who compared interest rates received a lower rate – even if they stayed with their home bank.
- Those who shopped for lower auto insurance rates and switched insurers saved an average of $388 on their annual premiums, according to the 2015 J.D. Power U.S. Insurance Shopping Study.
- A 2013 study from the Journal of Consumer Affairs suggested that while some consumers routinely buy the same brand of frequently purchased packaged foods, they could save 10% merely by selecting between two brands of these foods.
The more consumers compare different options when shopping, the more likely they will reap the benefits of competition.
Shopping To Save
Decide What You Really Need. Decide what specific features or options you require and how much you
Shop around. Take your time. Consider switching brands or suppliers. Loyalty doesn't always pay. A few
Stay focused on the options and features you want. Don't be distracted by discounts that might lead
For more information:
Additional information for Consumers:
The Competition Bureau, as an independent law enforcement agency, ensures that Canadian businesses and consumers prosper in a competitive and innovative marketplace.
SOURCE Competition Bureau
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