2013 BMO Holiday Spending Outlook: Consumers Plan to Spend $1,810, Up 30 per cent From Two Years Ago

TORONTO, ONTARIO — (Marketwired) — 11/06/13 — Holiday spending is projected to continue its climb for a third straight year, according to the 2013 BMO Holiday Spending Outlook.

According to the report released today, Canadians expect to spend an average of $1,810 this holiday season – up from $1,610 (12 per cent) in 2012 and $1,397 (30 per cent) in 2011. The biggest uptick in spending is attributed to travel, which has increased by 22 per cent compared to a year ago, and nearly doubled since 2011.

Holiday Spending Allocation – Year-over-Year Comparison

2013 Holiday Spending Across the Country

Furthermore:

Su McVey, Vice President, BMO Bank of Montreal, noted that over-spending or making unplanned purchases during the holidays may result in other financial goals or priorities being thrown off track in the New Year and beyond. “The survey data shows that those who make impulsive purchases during the holidays are more likely to have regrets after the fact. Building a firm holiday budget and taking advantage of easy to use online tools can help keep spending in check and ensure other financial commitments can continue to be met.”

For example, Ms. McVey noted that BMO offers BMO MoneyLogic, a free, online personal financial management tool designed to track everyday spending and savings.

Reward Spending Climbs

“Using reward points to pay for or offset travel expenses can significantly increase your spending power, however, not all programs or cards are created equal,” said Nick Mastromarco, Managing Director, Credit Card Products, BMO Bank of Montreal. “Given the amount of activity in the marketplace right now when it comes to the various reward incentives being offered, doing your homework can help determine which product will offer the most flexibility when it comes to travel and other benefits.”

For example, customers can redeem points to cover all flight charges on any airline with no blackout period or seat restrictions. Mr. Mastromarco added that BMO World Elite MasterCard customers also enjoy the best travel redemption rate. Visit for more information.

The survey results cited in the 2013 BMO Holiday Spending Outlook conducted by Pollara are compiled from a random sample of 1,215 Canadians 18 years of age and over between October 11 and October 16, 2013. A probability sample of this size would yield results accurate to +/- 2.8 per cent, 19 times out of 20.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $549 billion as at July 31, 2013, and more than 46,000 employees, BMO Financial Group provides a broad range of personal and commercial banking, wealth management and investment banking products and solutions.

Contacts:
Media Contacts:
Matthew Duffin, Toronto
(416) 867-3996

Valerie Doucet, Montreal
(514) 877-8224

Laurie Grant, Vancouver
(604) 665-7596

Internet:
Twitter: @BMOmedia

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