Christmas shopping will increase this year

A Bank of Montreal (BMO) holiday outlook suggests Canadians’ spending spirits have improved this season.

A Bank of Montreal (BMO) holiday outlook suggests Canadians’ spending spirits have improved this season, with the bank projecting an average 15 per cent jump in holiday spending over last Christmas.

The Bank of Montreal’s 2012 holiday spending outlook finds that survey respondents plan to spend an average of $1,610 this holiday season, up from $1,397 in 2011.

Shoppers surveyed say they plan to shell out an average of $674 for gifts this year, compared to an average of $583 last year.

The top reasons for spending more are having more people to shop for and being better off financially.

Spending on trips is also projected to increase, while amounts allocated for entertaining were expected to fall from a year ago.

Nearly half of respondents say they’ll set a loose budget, while three-in-ten say they plan on sticking to a firm budget.

Other analysts weighing in on holiday spending this year also believe Canadians will be more generous with their finances.

A report released last week by Ernst & Young predicted Canadian holiday sales would rise 3.5 per cent over last year, supported by signs of improvement in consumer confidence.

And a study from Deloitte projected Canadians will spend one to two per cent more this holiday season, but an increasing number will check for the best prices online before they head to the mall in a season it expects to be highly price competitive.

Last year, sales were restrained by high household debt, modest wage growth and turbulent global markets.

But the economy has improved slightly since then and consumers appear more willing to open their wallets.

A survey conducted by BMO in January found households kept holiday spending in check, with 76 per cent spending less or the same on holiday gifts, trips and entertaining than in 2010.

One-in-five respondents to the BMO survey — conducted by Pollara among 1,000 Canadians — said they didn’t plan on creating a budget at all.

And more than half (53 per cent) admitted to making impulsive purchases during the holiday season.

A majority of respondents, or 68 per cent, said they plan to begin shopping before December and 30 per cent said they planned to start prior to November.

Women were twice as likely as men to start shopping before November.

 

Just Posted

New Seven Sisters replacement confirmed

Mental health facility will have 25 beds, up from 20 in current facility

Terrace hospital’s business plan approved

Health Minister’s announcement opens door to construction phase

Manganese level in Burns Lake water above new standard

The recent changes to Health Canada’s guidelines on drinking water quality set… Continue reading

Convicted animal abuser to return to B.C. court May 21

Catherine Jessica Adams is facing a breach of probation charge

Northwest Fire Centre open burn ban lifted

Recent rain, cooler temperatures have lowered the region’s fire risk

Killer of Calgary mother, daughter gets no parole for 50 years

A jury found Edward Downey guilty last year in the deaths of Sara Baillie, 34, and five-year-old Taliyah Marsman

Raptors beat Bucks 120-102 to even series at 2-2

Lowry pours in 25 as Toronto moves within two games of NBA Finals

Body of missing snowmobiler recovered from Great Slave Lake

Police confirm the body is that of one of three missing snowmobilers

Toddler seriously injured after falling from Okanagan balcony

RCMP are investigating after a two-year-old boy fell from the balcony of an apartment in Kelowna

Cost jumps 35% for Trans-Canada Highway widening in B.C.

Revelstoke-area stretch first awarded under new union deal

Is vegan food a human right? Ontario firefighter battling B.C. blaze argues it is

Adam Knauff says he had to go hungry some days because there was no vegan food

Winds helping in battle against fire threatening northern Alberta town

Nearly 5,000 people have cleared out of High Level and nearby First Nation

B.C. sends 267 firefighters to help battle Alberta wildfires

Out of control fires have forced evacuations in the province

Most Read