Paul Martin's Business Update - November 14th

Nov 14, 2013, 03:31 PM, Regina, SK, Canada

Paul Martin's Business Update - November 14th

This is the time of year when people start planning their holiday gift buying. Well, except for men of course who will wait until December 23 but those who have given the topic some thought seem to be drawn more towards debt reduction than spending excessively on gift giving.

The Royal Bank’s annual survey of consumer intentions on this subject shows that Saskatchewan residents will actually cut back on their gift buying this year. In fact this will be the third year in a row that the amount dedicated to purchasing gifts will decline.

However, overall spending on the holiday season which includes non-gift expenditures such as decorations, travel, meals and so on will be rising – about $10 more than last year across the country - but falling by $120 in this province. Even with that decline, though, we will still spend more than the national average of just under $1,200.

The bank noted that the change coincides with another report that showed the pace of growth in personal non-mortgage debt at the end of September was lowest in a decade as we put more of our disposal cash to paying off loans.

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