TORONTO, ONTARIO — (Marketwire) — 11/22/11 — According to the BMO 2011 Holiday Spending Outlook, global economic uncertainty doesn-t seem to be putting a damper on Canadians- holiday spending plans. In fact, on average, Canadians expect to spend $1397 during this holiday season – up from $1305 in 2010.
The survey, conducted by Leger Marketing, revealed Canadians plan to spend an average of $582.70 on gift purchases, $359.80 on trips, $307.30 on holiday entertaining and $147.50 on other expenses.
Holiday Spending Allocation – Year over Year Comparison
Holiday Spending Across the Country
“Given the current challenges when it comes to managing the household balance sheet, it-s important that Canadians put a budget in place and track their holiday spending to avoid over-extending – which can happen pretty quickly this time of year,” says Su McVey, Vice President, BMO Bank of Montreal. “Online banking features, including tools such as BMO MoneyLogic, allow Canadians to set spending limits and get immediate insights into whether or not they are staying on track.”
The results come on the heels of a holiday retail sales forecast release by BMO Economics that predicts retail sales receipts, excluding auto and gasoline sales, should increase by about 2.5 per cent year-over-year in November/December. “Although slower than last holiday season-s increase of 3.1 per cent, that-s better than the downturn-affected years of 2009 and 2008,” noted Sal Guatieri, Senior Economist, BMO Capital Markets.
Ms. McVey added that to encourage BMO customers to stay on top of their holiday spending, BMO has launched a that helps customers set their holiday budget with BMO MoneyLogic. Fifty customers who set up their budget and track their holiday spending will win $1,000 so that they can start the new year with a little extra cash in their pockets.
To help shoppers make sense of their money, avoid overspending and save more this holiday season, BMO Bank of Montreal offers the following tips:
The survey was completed on-line from October 17, 2011 to October 20, 2011 using Leger Marketing-s online panel, LegerWeb, with a sample of 1508 Canadians. A probability sample of the same size would yield a margin of error of +/-2.5 per cent 19 times out of 20.
Contacts:
For media inquiries :
Matthew Duffin
(416) 867-3996
Sarah Bensadoun, Montreal
(514) 877-8224
Laurie Grant, Vancouver
(604) 665-7596