Nearly 60% of Torontonians think holiday spending isn’t worth it
Preparing your bank account for December? You should be, because holiday spending in Canada equals about half of the average net income across the country. What’s more, the investing and saving app Mylo did some research earlier this month into holiday spending, and the results might surprise you! Hold off on that full Amazon cart until the end.
According to Mylo, roughly 60% of Canadians think that the $1500ish average price tag that comes with the holidays isn’t worth it. Now, this is a little bit of some tricky phrasing, because they’re not asking whether or not respondents think that they spend too much on the holidays. Just whether they feel the spending is worth it in the end.
Kind of a depressing note to end the gift-giving season on. Sorry you hated the sweater I spent $90 on, Janice.
There are a couple of fun distinctions between cities this year, too. Vancouver is apparently the most festive city in the country, with 50% of respondents saying that they feel positive about their holiday spending. Meanwhile, folks here in Toronto are most likely to break the bank and spend over $2500, with 12% of respondents anticipating doing so.
We’re chilling at just under 60% worthiness, which isn’t the worst…
Bah, we’re just in a bad mood because writing this article made us realize how much money we’re going to have to set aside over the coming weeks. See you at the mall!
You can read the full report on holiday spending in Canada right here.