TORONTO, Dec. 18 /CNW/ - Canadians are choosing to spend less on the
holidays this year, according to Scotiabank's 2008 Holiday Spending Study.
Overall, holiday spending is expected to average $790, down $117 from a year
ago. Holiday spending includes gifts, travel and entertaining.
    Canadians also indicated they intend to spend less on gifts this year,
with the total dropping by $133 to an average of $563.
    "Although Canadians are trimming their spending, there is still some
'holiday buying cheer' left to keep cash registers jingling," says Aron
Gampel, Deputy Chief Economist, Scotiabank. "Seasonal purchasing power has
been bolstered by deep price discounts, sharply lower gasoline prices, and
reduced borrowing costs."
    Regionally, Canadians in the Atlantic provinces plan to spend more than
their counterparts across the country. Those residing in Quebec plan to spend
the least.Spending Intentions by Region
    -------------------------------------------------------------------------
                            Intended Holiday Spending
               --------------------------------------------------------------
                                      Region
                     --------------------------------------------------------
               Total  Atlantic   Quebec  Ontario  Man/Sask Alberta    BC
                 %        %        %        %        %        %        %
    -------------------------------------------------------------------------
    Less than
     $200       14       11       19       14        6       13       16
    -------------------------------------------------------------------------
    $200 to
     less than
     $500       33       25       35       31       40       34       36
    -------------------------------------------------------------------------
    $500 to
     less than
     $1,000     29       36       30       29       28       27       26
    -------------------------------------------------------------------------
    $1,000 to
     less than
     $3,000     15       23        7       18       16       18       13
    -------------------------------------------------------------------------
    $3,000 to
     less than
     $5,000      2        3        1        3        -        1        2
    -------------------------------------------------------------------------
    $5,000 or
     more        1        1        -        1        3        2        -
    -------------------------------------------------------------------------
    Average   $790     $975     $558     $906     $852     $853     $689
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                               Intended Gift Spending
               --------------------------------------------------------------
                                      Region
                     --------------------------------------------------------
               Total  Atlantic   Quebec  Ontario  Man/Sask Alberta    BC
                 %        %        %        %        %        %        %
    -------------------------------------------------------------------------
    Less than
     $200       28       24       36       26       17       26       27
    -------------------------------------------------------------------------
    $200 to
     less than
     $500       36       34       37       36       37       34       36
    -------------------------------------------------------------------------
    $500 to
     less than
     $1,000     22       27       18       21       29       28       24
    -------------------------------------------------------------------------
    $1,000 to
     less than
     $3,000      9       12        3       11        7        9        9
    -------------------------------------------------------------------------
    $3,000 to                   (less
     less than                   than)
     $5,000      1        1        1        1        1        -        1
    -------------------------------------------------------------------------
              (less
    $5,000 or  than)
     more        1        -        -        -        2        2        -
    -------------------------------------------------------------------------
    Average   $563     $633     $405     $595     $698     $640     $589
    -------------------------------------------------------------------------This study was conducted for Scotiabank using Harris/Decima's national
telephone omnibus - teleVox. Data collection was conducted via CATI (Computer
Assisted Telephone Interviewing). A total of 1,029 interviews were completed
between December 4 and 6, 2008. A random sample was generated for the month of
December and quotas were established by each region. The quotas were instilled
to maintain an adequate number of completed interviews in Canada's three
largest markets: Toronto, Vancouver and Montreal. Final data are weighted by
age and sex within region and are considered accurate to within +/- 3.1
percentage points, 19 times out of 20.

    On-line poll shows Canadians to spend time with family and friends

    An online version of the Holiday Spending Study revealed that the
majority of Canadians will spend their time with family and friends (73 per
cent) and/or at home (65 per cent) this holiday season. The online study also
found:-   Spouses and partners top the gift giving list (63 per cent) followed
        by parents (61 per cent) and children (52 per cent);
    -   The most popular items to give and receive are gift cards (52 per
        cent), clothing (49 per cent) and electronics (38 per cent); and
    -   Almost all Canadians (93 per cent) will do at least some of their
        shopping in person, but many (41%) will make holiday purchases
        online.This study was conducted for Scotiabank using Harris/Decima's online
panel. A total of 1006 surveys were conducted between November 11th, 2008 and
17th, 2008. This was a standard panel survey among a random sample of Canadian
panel members. In a fashion similar to a telephone study, email addresses from
Harris/Decima's panel were pulled at random, according to population and
gender specifications, in order to make the study representative of the
Canadian population by region and gender. When contacted to solicit
participation, participants had no prior knowledge of the subject matter of
the study. Harris/Decima controls access to the study through passwords to
ensure that respondents can participate only one time. Subsequent to
completion of the study, the data was weighted for region, age, and gender.

    Scotiabank offers tips to stick to you your holiday budget

    When braving the shops and malls this year, Scotiabank offers these
simple tips to help safeguard your budget:-   Create a budget and stick to it. Decide who you are buying for and
        how much you can realistically afford for each person.
    -   If you pay your credit card balance off each month, when buying
        holiday gifts on credit, try to use a card that also provides you
        with benefits such as rewards points or a percentage of cash back.
    -   Gifts hand-made are often the most memorable. Use your special
        talents to create personalized gifts or festively package up some
        homemade holiday treats for family and friends.
    -   People also appreciate gifts of time. Shovel the driveway for your
        elderly neighbour, take your nieces and nephews ice skating or phone
        your friend who lives across the country for a catch-up chat rather
        than mailing a gift.
    -   Consider giving charitable donations as gifts.About Scotiabank

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 60,000 employees, Scotiabank
Group and its affiliates serve approximately 12.5 million customers in some 50
countries around the world. Scotiabank offers a diverse range of products and
services including personal, commercial, corporate and investment banking.
With $508 billion in assets (as at October 31, 2008), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
www.scotiabank.com.