A CIBC (TSX: CM) (NYSE: CM) consumer poll conducted by Leger Marketing shows that Canadian consumers are using loyalty rewards to supplement their budgets in today's economic environment. However, they hold two divergent views on how to use those rewards - with some saving for a "dream" vacation and others using their rewards immediately to help with everyday expenses such as gas and merchandise.
Key findings of the poll include:
70 per cent of Canadians hold credit cards that earn them rewards for merchandise or travel
82 per cent of Canadians agree that they try to maximize their rewards collected, while sticking to their budget
Nearly four in ten Canadians (38 per cent) stretch their budgets by using their rewards for things they wouldn't otherwise be able to afford