Holiday spending to average $2,000

Canadians expect to spend an average of $1,810 this holiday season – up from $1,610 (12%) in 2012 and $1,397 (30%) in 2011, says the 2013 BMO holiday spending outlook.

The biggest uptick in spending is attributed to travel, which has increased by 22% compared to a year ago, and has nearly doubled since 2011.

Read: Retailers spirit away an extra 3.5%

Holiday Spending

Read: Apple’s earnings plunge; holiday sales may shrink

2013 regional breakdown

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The survey also shows:

• November marks the start of holiday shopping season for 41% of Canadians, with 33% starting earlier, and 23% waiting until December
• Women are twice as likely as men to start their shopping before November (42% vs. 23%), with men more likely to wait until December (28% vs. 18%)
• The report also showed a 7-point increase in the number who plan to set a fixed budget this year (from 29% to 36%)
• However, 57% of Canadians admit they often make impulsive purchases during the holiday season.

• The use of rewards for holiday shopping is up by 32% in 2013 (22% to 29%)
• An additional 14% will be paying for their holiday vacation using rewards
• Of those who do not plan on using rewards to pay for holiday travel, 11% say that it is because their rewards program does not offer flights on their airline of choice, or that it doesn’t allow them to book during the holiday season.

Read: Canadians tightened belts during holidays

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.