This Is How Much Some Canadians Are Spending On Christmas Gifts & It's Gone Way Up

The holidays are here! 💸🎁

This Is How Much Some Canadians Are Spending On Christmas Gifts & It's Gone Way Up

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.

Morgan Leet
Morgan Leet is the Travel Editor for Narcity Media focused and is based in Vancouver, B.C.