The BMO Real Financial Progress Index reveals that – amid growing concerns about the cost of living (54%) and their overall financial situation (36%) – 79% of Canadians are planning to cut back on spending this holiday season. The survey’s insights provide an outlook on Canadians’ holiday spending plans, including:

• The holiday price tag:
  • On average, Canadians plan on spending more than $1,991 this holiday season, including travel ($1,802), holiday gifts ($519), entertaining ($295), decorations ($141) and other holiday expenses ($275).
  • Nearly a quarter (23%) plan on spending more than $2,000 during the holidays.
• Making a list and checking it twice:
  • 79% plan on buying fewer gifts this year, and over a quarter (27%) will cut down the number of people on their gift list.
  • More than a third (36%) plan on buying less expensive gifts.
• Sleighing spending:
  • 41% are spending less on fewer gifts, and 44% had cut back on spending on other occasions, including birthdays and anniversaries, throughout the year in order to spend more on holiday gifts.
  • Nearly half (49%) admit to spending more than they know they should.

https://about.bmo.com/consumers-plan-to-spend-less-this-holiday-season-heres-how-bmo-can-help-make-holiday-budgeting-easier/