One-quarter of those polled spent more than they intended
Canadians are finding it challenging to save
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TORONTO, Feb. 1, 2021 /CNW/ - In a holiday season where social distancing kept many families and friends apart, Canadian shoppers polled compensated by spending an average of $735 – the highest amount since the RBC Post-Holiday Spending & Saving Insights Poll began tracking these expenditures a decade ago.
How much did Canadians overspend over the holiday season? (CNW Group/RBC Royal Bank)
Another record was set by those who spent more than intended (25% of all shoppers), going over budget by $588 on average – a 28% increase from $459 the previous holiday season. The biggest overspenders were in Ontario (29%), followed by residents of Atlantic Canada (27%), Quebec (25%), Saskatchewan and Manitoba (22%), Alberta (20%) and B.C. (18%). By age group, Canadians 18 to 34 included the largest percentage of overspenders (38%); by gender, more men overspent than women (27% vs. 23%).