CIBC Poll: Started your holiday shopping? There's a good chance you've also picked something up for yourself

CIBC Poll: Started your holiday shopping?  There's a good chance you've also 
picked something up for yourself 
Canadians focused on sticking to their holiday budgets, but almost one-quarter 
of holiday spending so far is unplanned purchases for themselves 
TORONTO, Dec. 13, 2012 /CNW/ - A new CIBC (CM: TSX; NYSE) Poll conducted by 
Harris/Decima reveals that among Canadians who have started their holiday 
shopping, nearly one-half say they have made some unplanned purchases for 
themselves along the way, adding over $130 on average to their holiday 
expenses so far. 
The poll highlights that among Canadians who have already started their 
holiday shopping: 


    --  47 per cent say they have made unplanned purchases for
        themselves while holiday shopping this year
    --  On average, these Canadians have spent $134 on themselves in
        unplanned purchases, in addition to $398 on the rest of their
        holiday expenses so far - meaning that unplanned purchasing
        accounts for approximately one-quarter of holiday spending to
        date
    --  A past CIBC poll in November showed that budget conscious
        Canadians planned to reduce spending by 8 per cent this holiday
        season

"It can be tempting to pick up something for yourself during your holiday 
shopping, however it is these unplanned purchases that can put you over your 
budget," said Colette Delaney, Executive Vice-President, CIBC. "Canadians are 
planning to keep a sharp eye on their budgets this year, and it is important 
to include all of your purchases when you are tracking your spending - 
including the holiday items you buy for yourself."

Staying on budget at this time of year can be challenging. A past CIBC poll 
from December 2011 showed that 24 per cent of Canadians believed they would 
exceed their holiday budget before finishing their shopping.

Unplanned purchases can throw your holiday budget off course

The challenge with unplanned purchases is that Canadians often do not consider 
them a part of their holiday budget. For some, it's not until after the 
holidays are over that they realize how much they have spent on items that may 
not have been on their list.

"December is a busy month, which makes it even more important to use 
convenient tools like mobile banking to keep on top of transactions in your 
account, or other tools so that you know where you stand on your holiday 
budget," added Ms. Delaney.

Tips for holiday budgeting:

Small unplanned purchases can add up: Whether it's an add-on to a gift for 
someone on your list, or a treat for yourself while out holiday shopping, 
small unplanned purchases can add up over the holiday season. Stick to your 
list and proactively plan your shopping.

Stay on Top of Cash or Debit purchases: Canadians planning to use cash or 
debit can track their spending by using the free CIBC Mobile Banking App on 
their smartphone. Having the CIBC Mobile Banking App on your smartphone allows 
clients to check their balance and see what they've spent so far that day, in 
just a few seconds.

Manage and Track Credit Card Spending: Managing cash flow effectively is a key 
element in sticking to your holiday budget. Free services like CIBC 
CreditSmart can help. Free to CIBC credit card holders, CIBC CreditSmart 
allows clients to set a budget limit on each spending category on their credit 
card, and be notified by phone, email or online message when they exceed their 
customized budget.

Have a Plan for Credit Card purchases: Canadians planning to use a credit 
card to pay for their holiday expenses should make sure they have a plan to 
pay off their balance to avoid incurring interest charges. With a plan in 
place, you can earn rewards for your purchases that may save you money on 
other items, such as discounts on gas purchases or cash back. For example, 
this year CIBC estimates it will reward clients with $89 million in Dividend 
Dollars on their December statements, up from $85 million in 2011, putting 
cash in their hands at a time when they can best use it to help offset the 
cost of holiday spending.   

KEY POLL FINDINGS

Among Canadians who have started their holiday shopping, percentage that say 
they have made an unplanned purchase for themselves, by region:

National47%
Atlantic Canada37%
Quebec48%
Ontario49%
Manitoba/Saskatchewan54%
Alberta58%
British Columbia30%

Among Canadians who have started their holiday shopping and have made an 
unplanned purchase for themselves, average amount they have spent on their 
unplanned purchase, by gender:

Men$158
Women$117

Among Canadians who have started their holiday shopping and have made an 
unplanned purchase for themselves, average amount they have spent on their 
unplanned purchase, by region:

National$134
Atlantic Canada$184
Quebec$105
Ontario$138
Manitoba/Saskatchewan$104
Alberta$117
British Columbia$205

Among Canadians who have started their holiday shopping, total amount, on 
average, spent so far, by region:

National$398
Atlantic Canada$612
Quebec$295
Ontario$419
Manitoba/Saskatchewan$393
Alberta$483
British Columbia$320

* Each week, Harris/Decima interviews just over 1000 Canadians through 
teleVox, the company's national telephone omnibus survey. These data were 
gathered in a sub-sample of 590 Canadians who have already started their 
holiday shopping. The poll was conducted between November 29th and 
December3rd, 2012. A sample ofthis size has a margin of error of +/-4.0%, 19 
times out of 20.

CIBC is a leading North American financial institution with nearly 11 million 
personal banking and business clients. CIBC offers a full range of products 
and services through its comprehensive electronic banking network, branches 
and offices across Canada, and has offices in the United States and around the 
world. You can find other news releases and information about CIBC in our 
Press Centre on our corporate website at www.cibc.com.

Sean Hamilton, Director, Media Relations, CIBC (416) 304-8456 
orsean.hamilton@cibc.com

SOURCE: CIBC

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/December2012/13/c8377.html

CO: Canadian Imperial Bank of Commerce
ST: Ontario
NI: FIN ECOSURV 

-0- Dec/13/2012 11:00 GMT


 
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