As summer hits its mid-point we are now getting a sense of how Canadians are handling their personal finances in this year’s holiday time.
And it seems we’re not changing much from previous years, despite inflationary pressures, with three-quarters of us believing we can make this work.
This was as topic the economists at CIBC decided to put to Canadians – asking them whether they would cut back on summer activity which is traditionally the time of year when we spend the most. But the majority said: no. They weren’t planning cutbacks, just restraint and better budgeting.
Where they plan to exercise restraint is on entertainment – being a bit more frugal on dining out or concerts or movies. They also say they will hold the line on clothing expenses.
And with the money they save by budgeting, they are going to maintain their traditional summer spending habits although they may switch from buying name brand products to less expensive options, looking for better deals or simply postponing major purchases.
