In a random sampling of public opinion taken by the Forum Poll™ among Canadians 18 years of age and older, 1-in-7 (14%) planned to make a major purchase of $10,000 or more in the next year.
The most common expenditure planned is a vehicle (53% of our sample or 7% in total). This vehicle is twice as likely to be new (64%) as used (26%) or leased (5%).
Following vehicles are home renovations (43% of major purchasers, 6% in total), and these are relatively likely to be a living space reno (19%), a bathroom reno (16%), a kitchen reno (14%), a deck, garage or pool or a structural renovation (12% each).
Buying a home is the next most common major purchase (32% of our sample, 4% in total), which is most likely to be detached or semi-detached house (50%). Respondents are equally likely to be buying because they are relocating (22%), upsizing (21%), buying a vacation property (18%) or buying an investment property (14%). Few are downsizing (8%).
Next most common is a recreational vehicle or boat (27% of major purchasers, 4% in total), followed by a vacation (24% of sample, 3% in total), a vacation home (21% of major purchasers, 3% in total), a wedding (18% of sample, 3% in total) and, finally, jewellery worth more than $10,000 (16% of major purchasers, 2% of all Canadians).
“While few overall plan major purchases, those who do are making several, so it appears some are not feeling the effects of the recession as much as others,” said Forum Research President, Dr. Lorne Bozinoff.
Lorne Bozinoff, Ph.D. is the president and founder of Forum Research. He can be reached at firstname.lastname@example.org or at (416) 960-9603.