THE majority of Canadians kept Boxing Day shopping traditions going strong, with 62 per cent planning to cash in on deals, according to a recent poll by the Bank of Montreal.
The poll, conducted by Pollara, revealed that one in five Canadians (22 per cent) planned to shop for themselves, while another third (34 per cent) said they would spend on others as well.
Respondents in Alberta, Atlantic Canada and Ontario planned on doing the most Boxing Day spending (76 per cent, 72 per cent and 69 per cent respectively) while Quebecers showed the least interest - just 36 per cent said they would participate.
Men were more likely than woman to take advantage of Boxing Day sales (66 per cent versus 58 per cent respectively).
Overall, Canadians planned to spend an average of $1,610 on the holidays this year.
Su McVey, vice president, BMO Bank of Montreal, noted that while Boxing Day is a great opportunity to take advantage of deeply discounted items, not accounting for spending during this period can cause some to spend outside of their means and keep them from staying within their holiday budgets.
"Boxing Day is treated by many as a shopping holiday in Canada, and is as big as Black Friday in the U.S.," said McVey in a media release. "Given that the majority of Canadians plan to spend during this period, it's essential that Boxing Day spending is accounted for in the overall household holiday spending budget and not treated as a financial afterthought."
McVey added that three in 10 (29 per cent) Canadians set a fixed budget for their holiday spending, while half (47 per cent) set a loose or flexible budget, and two in 10 (21 per cent) do not set a budget for holiday shopping.
Boxing Day is also an important period for Canadian retailers, as it represents one of the biggest sales days on the calendar year. BMO Economics projects Canadian holiday retail sales receipts, excluding auto and gasoline sales, will be almost $60 billion. This represents an increase of between one and two per cent year-over-year, or a rise of between $600 million and $1.2 billion, during the November to December sales period.
Many of the Boxing Day deals will last until the end of December. BMO offers the following tips to Canadians:
? Have a game plan: Create a list of must-haves items and set spending limits to ensure you don't get swept away in a post-holiday shopping frenzy.
? Stay outside the fray by looking online: Many online retailers offer discounts and free shipping during the Boxing Day period. However, as with in-store promotions, inventories can dwindle quickly. Ensure you've created online accounts or profiles with your favourite retailers and watch the web to avoid missing out.
? Maximize your spending: Utilize rewards programs to get the most out of your Boxing Day purchases. Use a debit or credit card affiliated with a loyalty program to earn rewards for purchases at retailers.
The survey results cited in the 2012 BMO Holiday Spending Outlook are compiled from a random sample of 1,000 Canadians 18 years of age and over between October 11 and October 16, 2012. A probability sample of this size would yield results accurate to ± 3.1 per cent, 19 times out of 20.
