Overspending dropped significantly among Canadian shoppers this past holiday season, to an average of $384. That’s down 28 per cent from the $530 average of 2017, the lowest level in eight years, according to the annual RBC Post-Holiday Spending & Saving Insights Poll, which was released on Wednesday.
“We’re all tempted to toss aside the budget during the holiday season, but what a good news story to see that Canadians showed restraint this year and far fewer are entering 2019 with holiday debt weighing them down,” said Vinita Savani, vice-president of GICs and savings at RBC, in a statement. “Canadians are starting 2019 off on the right foot – their next step will be managing their spending throughout the year and seeing if they can build up their savings, too.”
The report said the biggest drop in overspending was among 18-to-34-year-olds and women, who cut their overspending by almost $200 ($363 and $379 respectively) compared to 2017.
“While there was only a slight decline in the number of Canadians who spent more than expected (40 per cent versus 42 per cent) the good news is that almost one-third (30 per cent) of these overspenders report they have already paid off their seasonal shopping spree,” said the report.
Regional comparisons & national gender findings
– Mario Toneguzzi for Calgary’s Business