'Tis the Season of the Last Minute Shopper: the Scotiabank Holiday Spending
Poll finds Canadians Hitting the Malls Later this Year
-- Shoppers say the hardest person to shop for on their gift list
is their significant other.
TORONTO, Dec. 18, 2012 /CNW/ - Not finished your holiday shopping yet? You
aren't alone. According to the Scotiabank Holiday Shopping Poll, more
Canadians are delaying their holiday shopping this year with fewer people
shopping a month or two before December (36 per cent vs. 42 per cent in 2011)
and more buying their gifts throughout the hustle and the bustle of the month
of December (42 per cent vs. 34 per cent in 2011). A small, but brave group of
last-minute shoppers are planning on leaving it until the last two days before
the holiday (1 per cent).
They may still be in the malls, but many Canadians have planned for their
holiday expenses this year (66 per cent), with a quarter (23 per cent)
planning well in advance. Women are more likely than men to plan for their
holiday expenses well in advance (28 per cent vs. men at 19 per cent), while
men are more likely to spend as needed (35 per cent vs. women at 28 per cent).
As part of their festive strategy, over half of Canadians have saved enough to
cover the cost of all the gifts they intend to buy, and this is significantly
more people who have saved than last year (53 per cent vs. 45 per cent in
"It is excellent news that the majority of Canadians are heading into the
holidays with a plan," said Mike Henry, Senior Vice President of Retail
Payments, Deposits and Lending, Scotiabank. "This is a special time of year to
appreciate the people that bring richness into your life. By mapping out a
holiday budget, you can enjoy the season without worrying about the bills and
put yourself in the best position possible heading into the New Year."
Part of shoppers' plans for this holiday season is to rein in their spending.
Canadians plan to spend $822 on holiday expenses overall, down from $1,021 in
2011 and at their lowest level since 2008. On gifts, Canadians plan on
spending $578 compared to the $685 they spent in 2011.
"This festive season finds Canadians planning to spend less and save more over
the holidays", says Aron Gampel, Deputy Chief Economist, Scotiabank. "Although
the Canadian economy and job market have been quite resilient, many households
appear to be focussed on managing their larger debt burdens, a prudent plan in
an increasingly uncertain global environment."
Atlantic Canadians ($1232) and Albertans ($1010) are planning on opening their
wallets the most this holiday season, while those in British Columbia ($713)
and Quebec ($630) are planning to be a bit more frugal in their celebratory
Average Spending Intentions Across Canada in 2012
| Intended Holiday Spending | Intended Gift Spending |
|Total|Atlantic|Quebec|Ont.|Man/Sask|Alberta|BC |Total|Atlantic|Quebec|Ont.|Man/Sask|Alberta|BC |
| $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
| 822 | 1232 | 630 |849 | 883 | 1010 |713| 578 | 823 | 475 |606 | 663 | 662 |439|
A problem Canadians share this holiday season is getting stumped on the last
person on their list. The poll found that 31 per cent of Canadians say their
spouse/partner/significant other is the hardest person to shop for on their
list. Also difficult to pick out a gift for are their moms and dads (both at
11 per cent), their children (10 per cent), siblings (6 per cent) and in-laws
(5 per cent).
For Canadians struggling for gift ideas, many turn to their loved ones' wish
lists (30 per cent) for most of their inspiration. Other sources for gift
ideas include family (22 per cent), flyers (14 per cent) and websites (nine
For those still planning on heading to the store, Scotiabank offers its top
five tips to deck the halls without breaking the budget.
1) Create a budget and stick to it. Decide who you are buying for
and how much you can realistically afford for each person.
Going to the mall with a list in hand can help you not
overspend on any one person on your list.
2) Get the most out of your shopping. When you are shopping this
festive season, try to use a debit or credit card that also
provides you with benefits like rewards points or a percentage
of cash back. Scotiabank offers a great range of loyalty
rewards cards, like the SCENE movie rewards cards and the
Scotiabank Momentum VISA cards.
3) Keep track of your spending throughout the holidays. There are
great ways to keep an eye on your spending, like online
banking, mobile banking or InfoAlerts. If you know how much
you've already spent on holiday expenses, it can help you see
if you are veering toward going over-budget.
4) Be a creative gift giver. Handmade gifts are often the most
memorable. Create personalized gifts or package up homemade
treats for family and friends. You can also give the gift of
your time. Shovelling your neighbour's driveway or taking your
nieces and nephews ice skating can be a great alternative to a
5) Build a Holiday Fund. For those looking to get a head start on
saving for next year's festivities, consider creating a holiday
saving fund. By committing to saving gradually all year, you
can look forward to enjoying the holidays without putting a
dent in your savings for your more long-term financial goals.
Scotiabank offers a variety of easy ways to save, including the
Bank the Rest program to help customers build savings year
round with each purchase made with their debit card.
About the polling data
The Scotiabank Holiday Poll was conducted online using Harris/Decima's online
panel. A total of 1,009 completed surveys were collected from a random sample
of panel members across Canada. The study was conducted from November 16(th)
through 27(th), 2012.
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 81,000 employees, Scotiabank
and its affiliates serve some 19 million customers in more than 55 countries
around the world. Scotiabank offers a broad range of products and services
including personal, commercial, corporate and investment banking. In December
2012, Scotiabank became the first Canadian bank to be named Global Bank of the
Year and Bank of the Year in the Americas by The Banker magazine, a Financial
Times publication. With assets of $668 billion (as at October 31, 2012),
Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more
information please visit www.scotiabank.com.
More Holiday Shopping Facts:
-- When they line up to the cash register, half of Canadians (51%)
plan to pay for their holiday expenses with money they already
have by using debit or cash (31 per cent with their debit card
and 20 per cent with cash). The top three gifts to give are
gift cards/gift certificates (47 per cent), clothing (43 per
cent), and toys (38 per cent).
-- The most popular gifts to buy for yourself this holiday season
are electronics (27 per cent), clothing (16 per cent), trips or
travel (15 percent), entertainment/food/beverage (five percent)
and jewellery (five per cent).
-- Women are more likely than men to do their holiday shopping
gradually throughout the year (15 per cent vs. nine per cent of
-- Men are more likely to do their shopping at the last minute -
either the week before (eight per cent vs. three per cent of
women) or a day or two before the holiday (three per cent of
men vs. less than one per cent of women).
-- Men are planning on spending significantly more this holiday
season than women. Overall, men are planning on spending $905
compared to women spending $746. On gifts alone, men are
planning on spending $629 and women are planning on $530.
-- Albertans are the most likely to have saved to cover the cost
of all their gifts (62 per cent), followed by residents in
Manitoba/Saskatchewan (58 per cent), B.C. (53 per cent), Quebec
and Ontario (both at 52 per cent) and Atlantic Canada (46 per
-- Most Canadians (62 per cent) feel the economy has had no impact
on their holiday spending plans. Some Canadians (32 per cent)
say they felt it had a negative impact on their plans.
Diana Hart P: 416-866-7238 E:firstname.lastname@example.org
To view this news release in HTML formatting, please use the following URL:
NI: FIN ECOSURV
-0- Dec/18/2012 12:00 GMT
Press spacebar to pause and continue. Press esc to stop.