It could be a tough Christmas for retailers in British Columbia.
A Harris/Decima poll conducted for CIBC found 93% of B.C. residents plan to spend the same or less than they did in 2010.
Credit cards are the preferred payment method for 41%, compared with debit cards (27%) and cash (26%). Of those who plan to use their credit cards, 82% want to pay off their balance quickly. Credit card use is driven by reward points for 68% and convenience among 61%. Almost a quarter of respondents plan to redeem points to help pay holiday expenses.
"While British Columbians say they are budget conscious this year, 21% of respondents admit they find it difficult to stick to their regular savings plan during the holiday season,” said Colette Delaney, CIBC’s senior vice-president of mortgage, lending, insurance and deposit products.
Data was gathered through Harris/Decima’s national telephone survey of more than 1,000 Canadians. The CIBC poll included 107 British Columbians between November 3 and November 10 with a margin of error of plus or minus 9.5%, 19 times out of 20.
Bob Mackin