Canadians plan to break the bank this Black Friday and Cyber Monday as a new survey reveals spending among Canucks will be at an all-time high.
According to the survey by savings website RetailMeNot.ca, shoppers plan on shelling out an average of $1,400 per person – $653 of which will only be for gifts (that’s $100 more than last year).
“Canadians are ready to spend this holiday,” Katie Hammill, public relations manager at RetailMeNot.ca. “And while they’re giving into their spending urges over the holidays, they’re actually saying they regret spending so much once their bills arrive.”
On average, people tend to spend $384 of that $1,400 on holiday entertaining; $256 on food and alcohol and $87 on décor.
Despite the spending regret, only 14 per cent of people say they’ve set a budget at the beginning of the season.
Another reason why shoppers are overspending is because only 26 per cent of people plan to take advantage of advertised deals. This may be due to the fact that 42 per cent of people say they are still confused on how to find the best deals on the two shopping days.
“Half of Canadians worry about money throughout the holiday season, yet are not properly planning to ensure they maximize their spending,” Sara Skirboll, shopping and trends expert for RetailMeNot.ca, says.
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In fact, 35 per cent of people say they try to find deals while shopping but end up paying full price anyway.
“That’s why shoppers really need to put a plan into place,” Hammill says. “So it’s all about education before they go out and do their shopping. Create a plan of attack by putting together your shopping list so you know exactly who you’re buying for, and also assign a budget for each of those recipients on that list.”
It’s also not a bad idea to look for money-saving promo codes and coupons online, Hammill adds.
Even if you’re buying for yourself – which 31 per cent of Canadians admit to doing – make sure to keep to a budget if you want to avoid any buyer’s remorse.
The survey involved 1,509 randomly selected Canadian adults who were polled from Oct. 27th to Oct. 28th of this year.
Black Friday in Canada takes place on Nov. 24, and Cyber Monday on Nov. 27. However, many retailers will extend their sales before and/or after the actual two shopping days – this will vary by store.