Only 50% of Vancouverites think holiday spending is worth it

Photo via PexelsPhoto via Mylo

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, and the results might surprise you.

That’s because according to them, 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.

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holiday spending canada

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 in Toronto are most likely to break the bank and spend over $2500, with 12% of respondents anticipating doing so.

As for Calgary and Edmonton, well, they’re looking to pay off debt if they’re not spending money on the holidays. The report notes that “this is perhaps unsurprising given the financial struggles affecting Canadians in the Oil Patch of late”. You don’t say?

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.