Half of shoppers say they have no holiday spending budget

B.C. consumers surveyed estimate they will spend $921 this season

A new poll hosted reports that 85 per cent of British Columbians surveyed feel it’s important to have a holiday spending budget, yet only 16 per cent say they will set an exact budget.

The poll – hosted on the Angus Reid Forum for Coast Capital Savings – surveyed 805 B.C. adults from Nov. 1 to 5.

On average, those surveyed expect they will spend $921 this holiday season, through a combination of gifts, parties and outings, charitable donations, gifts for themselves and holiday decorations.

This compares to an average of $954 last year.

While 16 per cent of respondents say they will set an exact budget this holiday season, 35 per cent say they will set a loose budget and likely spend more than planned, while 49 per cent will not set a spending budget at all.

“The temptation to spend beyond our means during the holiday season is something we can all relate to,” said Rachel Coyle, vice president of retail operations for Coast Capital Savings.

More than three-quarters (77 per cent) of respondents say they expect to pay off their holiday bills within the first month.

Almost half of respondents (49 per cent) feel holiday spending will put a bit of pressure on their household finances, with nine per cent feeling a lot of pressure.

Participants also highlighted a number of ways in which they will try and keep spending down, including placing a dollar limit on gift giving, making personalized gifts or crafts, limiting the number of purchases for themselves, and spending quality time with friends and family instead of exchanging gifts.

RELATED: On average, each Canadian spent more than $2,500 online in 2018

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Abbotsford bank ATM robbery thwarted by woman standing her ground

Police arrest alleged known robber running down South Fraser wearing balaclava

Teen accused in Abbotsford attack on 85-year-old convicted of firearms offence

Brandon Janveaux found in vehicle in Chilliwack with .22-calibre rifle down his pants

Dad of missing Abbotsford woman charged after allegedly exposing himself in park

Barry Shpeley charged with sexual assault and assault at Hougen Park

Westbound Highway 1 crash slowing traffic in Langley

Vehicle in ditch east of 264 St. has right lane blocked by emergency crews

Not over yet: Mixture of snow, freezing rain on way as winter storm tapers in Lower Mainland

Environment Canada releases weather alert for Metro Vancouver, Fraser Valley

Kids across Canada more at risk of hospitalization from flu this season: doctor

Dr. Theresa Tam said influenza B does not usually peak until February or later

Crown won’t appeal sentence in child sex assault case of former Burns Lake mayor

B.C. Prosecution Service said sentence doesn’t meet standard for appeal

Kelowna’s “Baby Mary” finds biological parents after more than 30 years

Geneologist and DNA test helped her connect with her biological parents

Fire truck, police car hit in chain of crashes on Hwy. 99

‘People weren’t paying attention,’ says Surrey assistant fire chief

B.C. offers $5 million equipment loan program to help ailing forest contractors

Local politicians in Port McNeill and Campbell River says local economies are struggling

Vancouver Island distillery wins award for best Canadian rye whisky

Shelter Point cleans up at Canadian Whisky Awards

Kelowna hotel to award couples for baby-making with Nooner deal

The deal includes a free stay every Valentine’s Day for the next 18 years

‘Scariest boat ride of my life’: Passengers trapped by ice on rocky B.C. ferry sailing

The Nimpkish docked in Bella Coola on Jan.12 coated in a thick layer of ice

B.C. pair ordered to pay $55,000 for oil tank discovered four years after selling home

Judge says defendants breached contract, despite being unaware of tank until basement flooded

Most Read