Holiday budget shoppers plan to use cash and debit

November 23, 2011
Nov. 23, 2011 - A new CIBC poll conducted by Harris/Decima reveals 65 per cent of Canadians are planning to stay on budget by using cash or debit to pay for the majority of their holiday spending this year. The poll also revealed the vast majority of Canadians (87 per cent) are planning to keep their holiday shopping expenses the same or lower versus last year.

Highlights of the poll on how Canadians plan to pay for the majority of their holiday shopping this year include:

  • 36 per cent plan to use their debit card
  • 29 per cent plan to use cash
  • 31 per cent plan to use their credit card

While cash and debit combined were favoured by Canadians for holiday spending, a number of Canadians will be using their credit card to pay for the majority of their holiday shopping (31 per cent).  The good news is most Canadians planning to pay with credit also have a plan to quickly pay off their holiday spending in full (76 per cent) while only 23 per cent of Canadians using credit said they will pay their balance off over time.

The poll also revealed that a majority of Canadians who said they plan to use their credit card to pay for their holiday purchases said they are doing so because they collect reward points (57 per cent) or for convenience (62 per cent).  In fact, 15 per cent of all Canadians said they plan to redeem their reward points to help cover some of their holiday expenses.

KEY POLL FINDINGS

Percentage of Canadians that plan to use cash or debit to pay for the majority of their holiday spending by region:

Atlantic Canada    68%
Quebec     69%
Ontario     67%
Manitoba/Saskatchewan   67%
Alberta         60%
British Columbia    53%

Percentage of Canadians that plan to use their credit card to pay for the majority of their holiday spending by region:

Atlantic Canada    30%
Quebec     28%
Ontario     31%
Manitoba/Saskatchewan   29%
Alberta      31%
British Columbia    41%

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