One in ten Canadians plan to take advantage of Black Friday: CIBC poll
A new CIBC Poll conducted by Harris/Decima reveals nearly one in ten Canadians plans on making a purchase during this year's Black Friday and Cyber Monday sales period - a figure which suggests that millions of Canadians will be shopping for holiday deals this weekend on either side of the border.
The poll also reveals that Canadians won't be carrying a pocketful of cash during their shopping trips, as an increasing number of Canadians are turning to the convenience of using a debit or credit card for most of their holiday shopping.
9 per cent of Canadians say they plan to make a purchase on Black Friday or Cyber Monday, with another 7 per cent of Canadians saying they were undecided as to whether they will be making any purchases this weekend. Regionally, Atlantic Canadians (14 per cent) and Ontarians (13 per cent) are among the most likely to say they plan to make a purchase during Black Friday and Cyber Monday.
70 per cent of Canadians say they plan to use their debit or credit card to pay for the majority of their holiday spending in 2012, up from 67 per cent in 2011. Black Friday marks the unofficial start to the holiday shopping season for many Canadians, said Colette Delaney, Executive VicePresident, CIBC.
Paying by debit (35 per cent) and paying by credit card (35 per cent) are equally favoured payment methods for the majority of Canadian holiday purchases.
The survey also revealed that Canadians who said they plan to use their credit card to pay for their holiday purchases are doing so because they collect reward points (58 per cent) or for convenience (60 per cent), and most have a plan to quickly pay off their holiday spending in full (76 per cent).
Being able to log in to mobile banking on your smartphone while you are at the mall, or receive an alert to let you know you've exceeded your planned budget are just two examples of using your smartphone or computer to quickly tabulate your holiday spending and know exactly where you stand in terms of your budget, added Ms. Delaney.