Despite Social isolation and social distancing, shoppers were still spending hundreds of dollars on holiday shopping last year. The RBC Post-Holiday Spending & Saving Insights Poll shows the average was $735; the highest amount since they began tracking these expenditures a decade ago.

Another record was set by those who spent more than intended. 25% of all shoppers went over budget by $588 on average. That was a 28% increase from the previous holiday season. The biggest over spenders were in Ontario, followed by residents of Atlantic Canada, Quebec, and Saskatchewan and Manitoba.
67% of those who spent more than they planned have yet to pay off their holiday bills.

Overall, Canadians polled identified a number of things they would do differently to prepare for the next holiday season, including setting aside savings on a regular basis and spending less and resisting any temptations to spend more than they’ve saved.
One of the biggest challenges they now face: How to actually save money throughout the upcoming year.