CPA Canada Summer Spending Survey

Transcription

1 CPA Canada Summer Spending Survey Background document On behalf of: Chartered Professional Accountants of Canada June 25, 2014

2 Study Information The 2014 CPA Canada Summer Spending Survey was conducted by Nielsen via telephone between May 29 and June 2, 2014 with a national random sample of 1,014 adult Canadians aged 18 years and over and is considered accurate to within ± 3.1 per cent, 19 times out of 20. About CPA Canada CPA Canada is the national organization established to support unification of the Canadian accounting profession under the Chartered Professional Accountant (CPA) designation. It was created by the Canadian Institute of Chartered Accountants (CICA) and The Society of Management Accountants of Canada (CMA Canada) to provide services to all CPA, CA, CGA and CMA accounting bodies that have unified or are committed to unification. As part of the unification effort, CPA Canada and the Certified General Accountants Association of Canada (CGA-Canada) are working toward integrating their operations this year. Unification will enhance the influence, relevance and contribution of the Canadian accounting profession both at home and internationally.

3 KEY SLIDES

4 Just over one quarter of those surveyed (26 per cent) anticipate their spending will increase this summer when compared with other times of the year. However, half of the respondents expect their spending to remain the same while 24 per cent are forecasting a drop. How Summer Spending Compares to Other Times of the Year 24% 1% 26% Increase Remain the same Decrease Don't know 50% Q1. Would you say that this summer your level of spending will increase, remain the same or decrease compared to other times of the year? Base: All respondents Number of respondents for this question =1,014 Totals may not add to 100% due to rounding.

5 It is no different whether the participants were asked about spending relating to food costs, travel/vacation, entertainment, clothing, heating/cooling, home maintenance, transportation or home renovation. Remain the same always emerges as the top response. In terms of spending projections for the summer of 2014, the largest increases (roughly four in ten respondents) are for food costs, home maintenance and transportation. How Summer Spending On Various Items Compared to Other Times of the Year Clothing Increase 22% Remain about the same 58% Decrease 18% Not applicable/don't know 2% Entertainment Increase 31% Remain about the same 50% Decrease 16% Not applicable/don't know 3% Food costs Increase 41% Remain about the same 46% Decrease 11% Not applicable/don't know 2% Transportation Increase 39% Remain about the same 46% Decrease 12% Not applicable/don't know 2% Home maintenance Increase 40% Remain about the same 44% Decrease 9% Not applicable/don't know 7% Home renovation Increase 29% Remain about the same 41% Decrease 21% Not applicable/don't know 10% Heating/cooling Increase 26% Remain about the same 39% Decrease 32% Not applicable/don't know 4% Travel/vacation Increase 36% Remain about the same 39% Decrease 20% Not applicable/don't know 5% Q2 For each of the following items do you think your spending will increase, remain the same or decrease in the summer compared to other times of the year? Base: All respondents Number of respondents for these questions =1,014 Totals may not add to 100% due to rounding.

6 Focusing on vacations, almost one-third of respondents (30 per cent) say they will be spending more this summer when compared with a year ago. But again, the status quo emerges as the as the leading response with more than four in ten survey participants (43 per cent) planning to spend the same as the previous summer. Twenty-six per cent of those surveyed are planning to spend less on vacations this summer. The top two reasons cited are that they cannot afford it and they went on vacation last year or go every other year. Summer 2014 Vacations Spending Compared to Summer 2013 Reasons for Spending Less on 2014 Summer Vacations Than 2013 Don't know, 1% Can't afford it 20% Less, 26% More, 30% Went on vacation recently Poor economy/price increases 9% 20% To reduce costs 7% No plans for vacation 7% More Other financial priorities 6% The same, 43% The same Less Don't know Too busy working Taking vacation closer to home 4% 4% 0% 20% 40% 60% 80% 100% Q7 Are you spending more, the same or less on vacations this summer compared to 2013? Base: Respondents planning on taking vacations away from their home in summer Number of respondents for these questions =649 Q8 Why are you spending less on vacations this summer, compared to 2013? Base: All respondents spending less on vacation in 2014 than Number of respondents for these questions =164 Only responses above 4% shown, so total of all responses adds to less than 100%.

7 For those who are taking a vacation this summer, a number of avenues are being used to pay for it. Survey participants were allowed to give more than one response with the majority (61 per cent) dipping into their general savings to help cover the costs. The next three payment avenues most often referenced are using money set aside for a vacation (44 per cent), using part of their tax refund (13 per cent) and borrowing money (11 per cent). How Summer Vacations Will Be Paid Using your general savings 61% Using savings put aside especially for a vacation 44% Using part of your tax refund Borrowing money 13% 11% Points/rewards Don't know Other 1% 3% 1% 0% 20% 40% 60% 80% 100% Q5 Do you plan to pay for your vacation this summer by..? Base: Those who plan to travel this summer Number of respondents for these questions =568 Note: Multiple responses allowed, total of all responses exceeds 100%