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ottawasun.com - Money - Deal or no deal?
If you haven't done it yet, you will be sorely tempted over the next few weeks as the holiday season approaches.
Cross-border shopping is quickly becoming the trend du jour as Canadians take advantage of the strong loonie and the increased buying power that comes with it when spending in the United States.
In fact, the biggest shopping day of the year in the U.S. is tomorrow -- if you don't know, it's called Black Friday and it comes the day after the American Thanksgiving holiday, which is the fourth Thursday in November.
Black Friday is the official start to the U.S. holiday spending season and is marked by big discounts and deals at many of the most popular retail operations. Now, consumers being consumers often go to where the best prices and the biggest sales are.
Earlier this week Statistics Canada pointed out that same-day, cross-border trips into the U.S. reached their highest level in six years in October, with 2.1 million Canadians taking the plunge.
Granted, not all of those trips are shopping sprees. Some will be for business, some will be to visit family and friends and others will be to attend events, such as an NFL game.
Still, the scuttlebutt around the watercooler these days often turns to who's heading south over the weekend to hunt for bargains.
There are obvious problems with spending your money in the U.S. First, it hurts hometown retailers who are often at the mercy of market forces that cause them to put prices as much as 24% higher than their American counterparts.
Second, there are some products that don't comply with Canadian standards, such as some vehicles, baby seats, drugs and health supplements, food and appliances, to name just a few.
Canadian customs has over 30 different types of legislation in place regarding importing and exporting goods in Canada.
The other big problem is warranties. While some companies have North American-wide warranties, others have U.S.-specific warranties and will not honour them in Canada.
My suggestion might seem counter-intuitive, but spending your money close to home really does benefit the domestic economy, which is important to all of us. However, if you absolutely have to go south to shop, make sure you do your homework and research what you're intending to purchase, because you might just find it really isn't worth it in the end.
If you haven't done it yet, you will be sorely tempted over the next few weeks as the holiday season approaches.
Cross-border shopping is quickly becoming the trend du jour as Canadians take advantage of the strong loonie and the increased buying power that comes with it when spending in the United States.
In fact, the biggest shopping day of the year in the U.S. is tomorrow -- if you don't know, it's called Black Friday and it comes the day after the American Thanksgiving holiday, which is the fourth Thursday in November.
Black Friday is the official start to the U.S. holiday spending season and is marked by big discounts and deals at many of the most popular retail operations. Now, consumers being consumers often go to where the best prices and the biggest sales are.
Earlier this week Statistics Canada pointed out that same-day, cross-border trips into the U.S. reached their highest level in six years in October, with 2.1 million Canadians taking the plunge.
Granted, not all of those trips are shopping sprees. Some will be for business, some will be to visit family and friends and others will be to attend events, such as an NFL game.
Still, the scuttlebutt around the watercooler these days often turns to who's heading south over the weekend to hunt for bargains.
There are obvious problems with spending your money in the U.S. First, it hurts hometown retailers who are often at the mercy of market forces that cause them to put prices as much as 24% higher than their American counterparts.
Second, there are some products that don't comply with Canadian standards, such as some vehicles, baby seats, drugs and health supplements, food and appliances, to name just a few.
Canadian customs has over 30 different types of legislation in place regarding importing and exporting goods in Canada.
The other big problem is warranties. While some companies have North American-wide warranties, others have U.S.-specific warranties and will not honour them in Canada.
My suggestion might seem counter-intuitive, but spending your money close to home really does benefit the domestic economy, which is important to all of us. However, if you absolutely have to go south to shop, make sure you do your homework and research what you're intending to purchase, because you might just find it really isn't worth it in the end.
