Unless you want to give your loved ones lumps of coal for the holidays this year, it’s time to get busy and finish that shopping.
If you are in the majority of British Columbians, you still have more spending to do. A CIBC survey found that 63% of consumers in B.C. have not finished their shopping (64% nationally).
The poll also found that putting things off until the last minute may lead to overspending. For those who are already done their shopping, 10% said they spent more than they had budgeted. The survey found that 19% of procrastinators now expect to spend more than they had originally planned.
“Those rushing around in busy stores looking for gifts with the clock ticking may be more likely to go over budget, in an effort to get everyone checked off their holiday gift-giving list,” said CIBC vice-president, card product management Steve Tyers.
Shoppers in Manitoba and Saskatchewan are the least prepared for the holidays. Almost three-quarters (73%) of shoppers in those provinces still need to hit the malls. Those in Atlantic Canada are the most likely to have finished their shopping, with only 58% saying they are not finished.
Younger Canadians (aged 18-34) are most likely to have put things off (71%), while those over 55 are the most prepared.
British Columbians are the most extravagant shoppers this year. The average amount spent per person in this province has been $730, compared with $676 nationally. Consumers in Manitoba and Saskatchewan are the most frugal in the country, with planned spending of $595 per shopper.
