A new poll from the Canadian Imperial Bank of Commerce (CIBC) found that only one in ten Canadian consumers will take advantage of the Black Friday and Cyber Monday shopping deals, while most will use a debit or credit card.
Although shopping for Christmas has begun for some, the official holiday shopping season begins Friday for millions of Americans and Canadians. Of course, Canadian outlets will attempt to grab their shoppers, but many will still head south of the border for better prices.
The latest poll conducted by Harris-Decima for CIBC found that nine percent of Canadians will purchase an item on Black Friday or Cyber Monday, while seven percent were still undecided if they will buy something over the weekend.
When analyzing the numbers nationwide, the largest percentages of shoppers for the two shopping days are in Atlantic Canada (14 percent) and Ontario (13 percent).
Meanwhile, for those performing some Christmas shopping, most will not be using cash and will opt for their debit or credit card(s). The study found that 35 percent of Canadians will make transactions with their debit card and another 35 percent will buy items with their credit card.
Again, when comparing provinces, it was pretty evenly distributed. For instance, 34 percent of respondents in Manitoba said they plan to use a debit card, while 35 percent in Quebec plan to use the same method of payment.
“With the start of the biggest shopping period of the year it's very important to consider your budget for gifts and other expenses and to start keeping track of what you spend over the coming weeks,” said Colette Delaney, Executive Vice-President at CIBC, in a press release.
“Whether you are using your debit card to help keep closer track of expenses, or earning rewards on your credit card with a plan to pay off your balance, keeping track of your budget will help ensure that you spend only what you plan to this holiday season.”
Shoppers north of the border have long complained that the prices at Canadian stores are much higher than those in the United States. Officials have argued that this has occurred due to exchange rates, tax rates, shipment fees, energy costs and other factors.
Moneyville.ca noted Sunday that some stores will have Black Friday promotions. PetSmart will have a half-off sale, Staples will offer $50 off all iPad 2 models, The Bay will be giving their customers online flash sales and Cadillac Fairview has noted most of its retailers will be holding Black Friday deals and the mall hours will be extended.
The telephone survey was conducted with 1,000 adult Canadians between Oct. 25 and Oct. 29. It contains a margin of error of +/- 3.1 percentage points.