TORONTO, November 29th, 2023: Amid the rising costs-of-living, new research from PayPal revealed three quarters of Canadians (76%) surveyed will create a budget for their spending this year – but more than half (56%) will go over despite their best intentions.
PayPal’s 2023 Festive Spending Snapshot, polling 2,000 Canadian adults who celebrate the holiday season, unwrapped the many ways they are trying to curb their spending. Of those surveyed, 44 per cent are keeping an eye on price tags to prevent overspending or going into debt, and 25 per cent are setting a budget to avoid dipping into their savings. What’s more, 25 per cent of consumer respondents get ahead of their spending long before the decorations come out by putting money aside throughout the year for more expensive purchases.
Staying on budget is proving to be a challenge as nearly half (48%) anticipate overspending due to increased prices this year compared to previous years. This trend is more prominent among Gen Z shoppers, who are more likely to put their budget trackers aside because they want to spoil friends and family (41%) and themselves (20%).
“Despite good intentions to save where possible, Canadians are struggling to make holiday budgets work,” shared Malini Mitra, Director, Communications, PayPal Canada. “We’re encouraging Canadians to adopt ‘Festive Math,’ a budgeting approach whereby holiday shoppers plan a budget and stick to it. One of the ways they can do that is by shopping online and using PayPal to checkout and track online purchases and use Honey for discounts.”
Festive Math is a smart approach to budget management where Canadians plan wisely and stay within it with simple steps outlined in these tips and tricks.
PayPal’s 2023 Festive Spending Snapshot is an online survey of 2,000 Canadian adults who celebrate the holidays (nationally representative) conducted by OnePoll in November 2023.
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 400 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit www.paypal.ca.
Ada Lovelace Rampersaud
Sign up to receive the latest news to your email.