Almost 20 per cent of Canadians regret their holiday purchases when they get their credit card bill.
A survey by Equifax, a data analytics company, asked Canadians about holiday spending in 2020, and found that 58 per cent were planning to spend as much on Christmas as they did in 2019.
The survey, completed online between Sept. 11 and Sept. 13, surveyed 1,539 Canadians. More holiday shoppers responded that they planned to shop online this year and 48 per cent of respondents said COVID-19 had impacted their holiday shopping plans.
Roughly 30 per cent said it would take a month or more to catch up on paying for holiday purchases, and 19 per cent said they regret their holiday purchases once the credit card bills come due.
“On the bright side, it looks like most people still plan on buying presents, even if they’re staying away from extended family to protect them this holiday season,” said said Rebecca Oakes, Equifax Canada’s AVP of advanced analytics.
“However, it’s important to take stock of your finances and prepare a realistic budget to avoid any unpleasant bills in the New Year.”
The Financial Consumer Agency of Canada provides a free budget planner, available online.
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