Arfi Hagi Yusuf | Features Editor
Featured image: Many shoppers ring in the new year with thinner wallets and unexpectedly large bills. | Oran Viriyinci
With the holidays coming to an end, a wave of nostalgia comes over, leaving most reflecting on how they spent the break, and their money. The average person can spend over $800 over the winter holidays, which on a student budget can make a significant impact. Between Christmas, Hannukah, Boxing Day and New Year’s Eve, most shoppers ring in the new year with lighter wallets and looming credit card bills. But what pushes people to spend beyond their means during the holiday season?
It is no secret that malls, shops and even grocery stores are much busier than usual during the month of December. Most retail sectors see an increase in purchases in December, with the most money being spent online.
Retailers use the increased traffic to their advantage, offering sales, deals and free or premium shipping that all seem too good to ignore.
“I find that I do lots of shopping, both in-store and online, after Christmas because the sales are too good to pass up. Deep down I know that 40 per cent off is still 60 per cent on, but I just can’t help myself,” says Angie Inderjit, fourth-year social science student.
Having more disposable income can push shoppers to spend more during the holiday season as well.
“I get my vacation pay [in] late November and work full-time hours when I’m done exams, so I have a lot more money to spend,” adds Inderjit.
Boredom also seems to be something that pushes shoppers to overspend. An increase in downtime during the holidays becomes time that one spends shopping.
“Over the break I did a lot of shopping just because I was in the mall. With online shopping as well, I just had more time to [look at] my favourite stores’ inventories, and the more I looked, the more I bought,” says Amarpreet Dhami, fourth-year finance student.
Retailers are not the only place where people find themselves overspending during the holiday season. Food and alcohol take a significant bite out of consumer pockets as well, with more celebratory reasons for drinking.
“I spent a lot of money on liquor over the break, both as presents and for myself. I also ordered a lot of takeout from [companies like] Ubereats,” adds Dhami.
It’s important that in the new year we spend within our means, perhaps saving a few dollars every month to make sure that you have more disposable income to spend during the holiday season. In the new year, let’s make better financial decisions. If not, there’s always 2018!
