Boxing Day Shopping

According to CPA Canada’s Holiday Spending Study, 32 per cent of Canadians plan on buying something on December 26, with 13 per cent saying they’ll buy in store, six per cent saying they’ll shop online and 13 per cent saying they’ll do both.

Holiday | Personal Finance

Canadians still heading to stores on Boxing Day, survey says

CPA Canada’s Holiday Spending Study finds a majority of shoppers will be looking for deals in shopping centres. But there will be some online purchases, too.

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Are you eager to hit the stores on Boxing Day in the hopes of snagging a sweet deal? You’re not alone. According to CPA Canada’s Holiday Spending Study*, 32 per cent of Canadians plan on buying something on December 26, with 13 per cent saying they’ll buy in store, six per cent saying they’ll shop online and 13 per cent saying they’ll do both. 

But in advance of snapping up the bargains, create a plan so that you don’t overspend, says Doretta Thompson, Director of Corporate Citizenship at CPA Canada. 

“Before jumping online or heading out shopping, remember that the final decision rests with you,” she says. “Set realistic spending targets for Boxing Day and the chances of achieving your desired result is greatly enhanced. And if you do have challenges with impulse buying, use cash or debit/credit cards with pre-set limits. You can set daily spending limits or fund pre-paid cards to a set amount, then when it’s gone, it’s time to stop.” 

Fortunately, CPA Canada’s survey indicates that Canadians are thinking carefully about their holiday spends, with 52 per cent of respondents saying they budget for the holidays. That’s heartening, says Jason Heath, managing director at Objective Financial Planners, a Markham, Ont.-based financial planning firm. It’s OK to splurge during the holidays, he adds, as long as that spending is part of a plan. 

“Everyone can benefit from a bit of budgeting. Governments do it, businesses do it and families should do it as well to try to stay accountable,” he says. “It’s great to see about half of respondents [in the CPA Canada survey] do in fact have a budget for their holiday spending, especially because it’s easier these days to overspend with a couple clicks.”

How much one should budget for Boxing Day will depend on how they spend during the rest of the year, he adds.

“It’s spending relative to spending the rest of the year that matters, or whether spending is detrimental to other important financial goals like saving or debt repayment,” he says. “It’s important to set parameters.”

READ THE STUDY 

More than eight in ten (84 per cent) of respondents in the CPA Canada Holiday Spending Study say they’ll spend less than $1,000 on gifts. Are you one of them?

*The CPA Canada 2018 Holiday Spending Study was conducted by Nielsen via an online questionnaire from November 2 to 8, 2018 with randomly selected Canadian adults