Despite the economic crisis, record holiday spending

Despite the economic crisis, record holiday spending

Despite an economic crisis that affected millions of workers across the country, Canadians reportedly spent an average of a record amount on their loved ones during the holiday season, according to the results of an RBC poll.

Spending on gifts has increased from $ 708 in 2019 to $ 735 for 2020.

One-quarter of people are over their holiday budget, according to an RBC poll. On average, these exceeded their budget by $ 588, while the average over budget was $ 459 compared to the previous year.

RBC points out that a very significant number – 67% – of people who went over budget had still not paid their holiday bills as of January 6. While 24% intended to pay off their bills as quickly as possible, others planned to lower their ‘living expenses (23%), and a lower proportion wanted to carry over the credit balance for at least two months (16% ).

“We know Canadians have the best savings intentions, but it can be difficult to budget and stick to it. In addition, we are finding that although some, spending less, are able to save more than they thought possible, others are struggling to make ends meet due to the pandemic, ”said Brigitte Felx, Financial Planner at RBC.

The most spending over the holidays is in the Atlantic provinces: on average, the amount is $ 906. At the opposite end of the spectrum are Quebec and Alberta, where they spent $ 661 and $ 660 on average, respectively.

The online survey was conducted by Ipsos among 2,000 Canadian adults, from January 4 to 6.

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