77 per cent of Canadians expect to spend their own money rather than go into debt over the holidays
TORONTO, December 11, 2017 – With shoppers racing to find last-minute gifts right before the holidays, December 22, the last Friday before Christmas Eve, is anticipated to be the busiest shopping day of the year, according to data released today by Interac Association/Acxsys Corporation.
According to Interac point-of-sale data, Canadians made over 24 million transactions and spent over $1.2 billion on Friday, December 23, 2016. This made it the busiest shopping day of last year, beating out the busiest day of the year prior (December 23, 2015) by 19 percent in the total amount spent.
Forecasting data released from Interac predicts that Friday, December 22 is on track to be the busiest shopping day of 2017, with 25 million debit transactions projected on that day.
When it comes to long lines at checkout during holiday shopping, it’s no doubt that contactless debit payments are a common way that people choose to pay during this time of year. According to a survey commissioned by Interac, 68 per cent of Canadians surveyed said that, when it came to holiday shopping, they disliked crowded stores and malls the most, followed by long lines at checkout (61 per cent).
“We’ve seen tremendous adoption of our contactless debit product, Interac Flash as Canadians used Flash more than 1.5 billion times this year, up 80% from last year. It’s clear consumers and businesses are taking advantage of the convenience and speed of Interac Flash to get through checkout lines faster.” said Martin Ho, Head of Core Products at Interac. “With the holidays here, Interac Flash and Interac Debit keeps Canadians on track with holiday spending because you are using your own money.”
Consumers also have the option to use Interac Debit through their preferred and eligible mobile wallet. Mobile payments are accepted everywhere that Interac Flash is accepted, at hundreds of thousands of merchant locations across Canada.
If your debit card gets lost or stolen during the holiday rush, you are protected by the Interac Zero Liability Policy, meaning you are not responsible for losses beyond your control when using Interac Debit or Interac Flash. Additionally, transaction limits are in place when you use Interac Flash, and you will be prompted to insert your card and enter your PIN when the limit is reached.
Another easy way to stay on top of holiday expenses is to settle up group spending for gifts and events quickly and easy. The new Interac e-Transfer Request Money feature allows customers of participating financial institutions to send a request for funds directly from their online or mobile banking app, and have the funds deposited directly into their account when the request is fulfilled.
Fast Facts on Holiday Spending
- 40 per cent of Canadians say feeling financial squeezed is another aspect they dislike most about the holiday season.
- Millennials are more likely to go into debt, with 34 per cent saying they expect to be in the red.
- Canadians love lists! Forty-three per cent say they budget for the holidays by making a shopping list and sticking to it!
- We are smart spenders. Almost two thirds of Canadians (61 per cent) plan on keeping their holiday spending to $500 or below this holiday season.
- No surprise, we spend the most on our kids! 43 per cent of Canadians say they will spend most on their children, followed by their partner/spouse (31 per cent) and their parents (12 per cent) over the holidays.
- Canadians almost spend as much on their pets (3 per cent) during the holidays as their best human friend (4 per cent).
About the Survey
Hill + Knowlton Strategies conducted an online survey of Canadian residents between Oct. 27- Nov. 01, 2017. In total, 1,061 members of the general public aged 18 years or were surveyed. Final survey data were weighted based on national Census figures according to region, age and gender.
About Interac Association and Acxsys Corporation
Together, Interac Association and Acxsys Corporation operate an economical, world-class debit payments system with broad-based acceptance, 24/7/365 reliability, security, and efficiency. The organization is one of Canada’s leading payments brands and is chosen an average of 16 million times daily to pay and exchange money. For more than 30 years, it has facilitated secure financial transactions through the development of innovative and convenient digital debit and money transfer solutions. A leader in the prevention and detection of fraud, the organization has one of the lowest rates of fraud globally. Visit interac.ca or follow us @INTERAC.