There’s only one weekend left for British Columbians to buy their remaining holiday gifts with money they weren’t expecting to spend.
According to a CIBC poll, 67% of B.C. residents say they still haven’t got all their presents picked out, and 23% hadn’t even started as of December 16. With only five days left before Christmas, local retailers should expect a busy weekend ahead, the poll said.
Besides starting late, 19% of B.C. residents admit they’ll likely overspend their holiday budgets.
Back in November, B.C. residents said they budgeted $845 for holiday expenses, but those who have already started shopping have spent an average of $990. That’s 17% more than they had planned for, and they’re not finished yet.
In general, holiday spending is up nationally from last year’s levels. Canadians on average have already spent 42% more on holiday expenses than they did this time last year. Heading into the final weekend before Christmas in 2012, Canadians had spent $692, compared with $986 as of December 16 this year.
“As Canadians dash to stores to complete their holiday shopping on top of their already busy schedules this time of year, it’s important that they monitor their spending and keep their budgets in mind,” said Barry Gollom, vice-president of consumer deposits at CIBC. “To start the New Year off right financially, you need to ensure you don’t overextend yourself during the holidays and exceed your budget.”
At the country level, Canadians who have already started on seasonal shopping have surpassed their budgets by about 15%, spending $986 so far instead of $852. More than two-thirds of Canadians (69%) still have shopping left to do, with 22% saying they haven’t even started.
By gender, 29% of Canadian males haven’t started their holiday shopping, which is nearly double the percentage of females (15%) in the same position.
