BMO Survey: Canadians Plan to Spend Less This Holiday Season

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[{"type":"text","content":"\n\n\n\n BMO Survey: Canadians Plan to Spend Less This Holiday Season\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n 79% plan on cutting back on spending during the holiday season\n \n\n\n\n Over half (54%) say thinking about holiday spending causes financial anxiety\n \n\n\n\n Despite plans to scale-back their holiday spend, 63% plan on giving back during the holiday season\n \n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n Oct. 24, 2024\n \n\n /CNW/ - The\n \n BMO Real Financial Progress Index\n \n reveals that – amid growing concerns about the cost of living (54%) and their overall financial situation (36%) – 79% of Canadians are planning to cut back on spending this holiday season. The survey's insights provide an outlook on Canadians' holiday spending plans, including:\n \n\n\n\n The Holiday Price Tag:\n \n\n\n On average, Canadians plan on spending more than\n \n $1,991\n \n this holiday season, including travel\n \n ($1,802)\n \n , holiday gifts\n \n ($519)\n \n , entertaining\n \n ($295)\n \n , decorations\n \n ($141)\n \n and other holiday expenses\n \n ($275)\n \n .\n \n\n Nearly a quarter (23%) plan on spending more than\n \n $2,000\n \n during the holidays.\n \n\n\n\n\n Making a List and Checking it Twice\n \n :\n \n\n 79% plan on buying fewer gifts this year, and over a quarter (27%) will cut down the number of people on their gift list.\n \n\n More than a third (36%) plan on buying less expensive gifts.\n \n\n\n\n\n Sleighing Spending\n \n :\n \n\n 41% are spending less on fewer gifts, and 44% had cut back on spending on other occasions, including birthdays and anniversaries, throughout the year in order to spend more on holiday gifts.\n \n\n Nearly half (49%) admit to spending more than they know they should.\n \n\n\n\n\n Financial Anxiety Forecast:\n \n\n\n More than half (54%) say thinking about holiday spending causes financial anxiety.\n \n\n 30% are not confident they will be able to afford every item on their holiday shopping list.\n \n\n\n\n\n Unravelling Post Holiday Receipts:\n \n\n\n Over half (55%) of Cana...

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