Is summer sizzling your clients’ pocketbooks?

Canadian families’ spending on social outings, entertaining, groceries and gas more than doubles (111%) during the summer months compared to non-summer months, according to the BMO Summer Spending Survey.

Read: Don’t let summer vacation break the bank

The report shows these typical monthly expenses cost Canadian families an average total of $2,735 during a summer month, compared to $1,296 per month during the rest of the year. Additionally:

• Spending on social outings and entertaining nearly triples (194%)
• Families spend 75% more on groceries
• Spending on gas more than doubles (109% more)

For summer-focused expenses such as vacations, seasonal activities, home and garden improvements, kid’s camps and big purchases, Canadian families plan to spend an average of $4,348 throughout the course of the summer.

Read: Canadians will splurge this summer

The poll was released on the heels of the latest Statistics Canada Consumer Price Index, which showed Canadian consumer prices rose 0.2% in June. The increase was led by a 6% surge in gas prices, which are on pace to climb another 1.7% in July. Furthermore, BMO Economics indicated that the renewed slump in the loonie suggests imported goods prices are going to continue climbing in the next few months.

The survey also revealed that external pressures and the desire to have fun lead to the increased spending during the summer months:

• 45% of families say they want their kids to have the best summer possible
• 44% want to enjoy every minute of summer
• Over one third (36%) have not set a summer budget

Read: Canadians will overspend this summer

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.