According to a new survey, one in four Canadian shoppers overdos their budget on Black Friday and Cyber Monday.
The online survey – conducted by the Angus Reed Forum on behalf of FP Canada, the national professional body that certifies Canadian financial planners – found that the average Canadian spent about $385 in total between two retail events this year.
60 percent of shoppers surveyed said they stayed on budget, with 23 percent saying they spent significantly more (over $250 on average).
Those who budgeted more said they spent on average three times more than they planned.
Shoppers in Saskatchewan and Manitoba were most likely to be frugal, spending an average of $266 during Black Friday and Cyber Monday—about a third less than the national average.
Alberta shoppers were the most likely to spend more, with a third saying they spent more than they planned and nearly 15 percent saying they spent more than $500.
For those who struggle to stick to their budget, the impact of the big spending event before the holidays could lead to less cash and more credit card debt this holiday season, as they head into 2022. Tashia Battstone, president and CEO, said FP Canada in a news release.
He said the survey shows that, on average, Canadians expect to carry $814 more in credit card debt in the new year than they did before the holiday spending season.
“With more brick-and-mortar stores open as the easing of pandemic restrictions, it’s easy to understand the temptation to spend,” Batstone said.
“But it’s important for Canadians to be diligent about getting back on track financially if they’re already a little overblown this holiday season.”
An online survey of 1,511 Canadians among members of the online Angus Reed Forum was completed between November 30 and December 1.