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CIBC Poll: Started Your Holiday Shopping? There's A Good Chance You've Also Picked Something Up For Yourself

Canadians focused on sticking to their holiday budgets, but almost one-quarter of holiday spending so far is unplanned purchases for themselves

TORONTO, Dec. 13, 2012 /CNW/ - A new CIBC (CM: TSX; NYSE) Poll conducted by Harris/Decima reveals that among Canadians who have started their holiday shopping, nearly one-half say they have made some unplanned purchases for themselves along the way, adding over $130 on average to their holiday expenses so far.

The poll highlights that among Canadians who have already started their holiday shopping:

  • 47 per cent say they have made unplanned purchases for themselves while holiday shopping this year
  • On average, these Canadians have spent $134 on themselves in unplanned purchases, in addition to $398 on the rest of their holiday expenses so far - meaning that unplanned purchasing accounts for approximately one-quarter of holiday spending to date
  • A past CIBC poll in November showed that budget conscious Canadians planned to reduce spending by 8 per cent this holiday season

"It can be tempting to pick up something for yourself during your holiday shopping, however it is these unplanned purchases that can put you over your budget," said Colette Delaney, Executive Vice-President, CIBC. "Canadians are planning to keep a sharp eye on their budgets this year, and it is important to include all of your purchases when you are tracking your spending - including the holiday items you buy for yourself."

Staying on budget at this time of year can be challenging. A past CIBC poll from December 2011 showed that 24 per cent of Canadians believed they would exceed their holiday budget before finishing their shopping.

Unplanned purchases can throw your holiday budget off course

The challenge with unplanned purchases is that Canadians often do not consider them a part of their holiday budget. For some, it's not until after the holidays are over that they realize how much they have spent on items that may not have been on their list.

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