New survey finds Canadians took their budgets to heart over the holidays and kept their spending in check. More than six out of ten said they didn’t spend more than they intended.
The RBC 2015 Post-Holiday Spending Poll found:
1. Not wanting to go into or increase their debt (35%);
2. Being diligent about tracking their spending by making a budget and sticking to it (34%); and
3. Knowing how much they had to spend and once the money was gone, “that was it” (24%).
RBC also found cash/debit was the most popular choice of payment for 69 per cent of shoppers. Forty-seven per cent of Canadians used credit cards for their holiday purchases.
Rewards programs were also used to fund , as three in ten shoppers used their rewards points for merchandise (44%), groceries (42%) and gift cards (40%). In addition to making redemptions, rewards program participants also looked for bonus offers to maximize their points collection (59%), consolidated their purchases on one rewards credit card (42%) and only shopped at retailers where they could collect points (40%).
Other regional highlights from the RBC 2015 Post-Holiday Spending Poll:
1. Consumers in Ontario (37 per cent), Saskatchewan/Manitoba (36 per cent) and Quebec (36 per cent) were the most likely to stick to their holiday budgets because they didn’t want to go into debt or increase their debit load.
2. Albertans were most likely to cut back on their entertainment to get their spending back on track (45 per cent).
3. Thirty seven per cent of British Columbians were the most likely to keep their holiday spending in check by tracking their spending and sticking to their budget (37 per cent). They also primarily used cash/debit to fund their holiday expenses in the highest numbers (74 per cent).
4. Atlantic Canadians were the top maximizers of rewards points collection this past holiday season – 75 per cent looked for bonus offers and 49 per cent only shopped at retailers where they could collect points.
5. Shoppers from Saskatchewan/Manitoba and Alberta maximized their points collection by putting all of their holiday purchases on one rewards credit card (47 per cent).
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