The holidays are here! 💸🎁
It's the most wonderful, and expensive, time of the year! People in B.C. are getting ready to start their holiday spending, and on average it means forking over a pretty huge amount — $1,091 to be exact.
According to Coast Capital, who polled B.C. residents, spending is expected to return to some pre-pandemic levels — which might be the only "return to normalcy" that I'm not looking forward to.
A press release from Coast Capital said that a third of British Columbians are getting ready to spend an average of $736 above what they did in 2020.
Out of those people, 34% of them said that "they are in a better financial position this year, with data showing a 50% decrease of the impacts of the pandemic on spending potential," said the press release.
The suspected cause of the increased spending? Online shopping just doesn't cut it.
Because in-person shopping is back, people are ready to hit the malls and empty their pockets.
Nearly two-thirds (64%) of the people polled said that they are going to shop at stores more this year, many saying that they're looking to support some local businesses.
It sounds like a merry sentiment, but actually, this increased spending is going to put the majority of people in a bad financial spot.
The polling found that 65% of people are "planning to pay for the holidays using a credit card or loan and 30% concerned with racking up credit card debt as a result."
With basically everything around you saying it's the time of the year to consume, it's hard to resist a shopping expedition or two.