In this time of economic uncertainty, a deepening recession and severe debt
, it would seem that more and more individuals would be watching their penny during this holiday season. Studies since 2008 suggest otherwise.
Since Christmas 2008, numerous surveys
have shown that Canadians have continually increased their budgeted amount for shopping. The Retail of Council Canada stated
earlier this month that they expect a three percent increase in retail sales this Christmas due to a jump in consumer confidence.
A Bank of Montreal study
released this month suggested that Canadians will spend approximately $1,400 this Christmas – $580 of that on gifts. When it comes to Boxing Day, though, the day that celebrates the ravenous appetite of the Canadian consumer, the numbers pretty much show the same thing.
According to a new survey by Visa
, 23 percent of Canadians plan to shop at the mall or online on Dec. 26. Canadians plan to spend on average a little more than $243 in stores and about $78 online.
The numbers did vary, though, from province to province. 28 percent of British Columbians said they plan to look for some deals on Boxing Day, while 81 percent of shoppers in Manitoba and Saskatchewan do not plan to shop on the day. Four-fifths of Quebec does not plan to shop either.
When it comes to a budget, more than half of Canadians plan to spend less than $200 on the national holiday. Only eight percent of the respondents say they will spend more than $200 on Boxing Day.
Instead of searching for a parking spot, being crammed inside of a building with plenty of other mall rats and being stuck in line, many are opting to shop online.
The Visa study suggests that nearly half of consumers will spend some of their hard earned dollars online during Boxing Day (55 percent of females and 44 percent of males). However, 72 percent of the older generation, 55-plus, will most likely head out to a store.
Will you be shopping on Boxing Day?