Despite ongoing concerns about inflation and the rising cost of living, the majority of Canadians are still prioritizing summer travel, according to a new report from BMO.
The survey found that 77% of Canadians plan to travel this summer, with nearly two-thirds (62%) saying they’ll spend the same or more on vacations compared to 2024.
The average travel budget for Canadians this summer sits at CAD$3,825, which includes flights, accommodations, transportation, and food.
“Despite economic pressures, Canadians are still planning on making the most of their summer through meaningful experiences such as travel and celebrations with loved ones,” said Anthony (Tony) Tintinalli, Head, Specialized Sales, BMO.
To stretch their budgets, many Canadians are adjusting their plans:
- 59% are staying within Canada to save money
- 55% have altered their vacation plans due to rising costs
- 46% have reduced spending throughout the year to afford summer trips
- 32% are dipping into long-term savings to fund their vacations
BMO notes that recent economic improvements may be playing a role in this willingness to spend.
Canadians are also leaning on loyalty programs to help ease financial strain. Over half (52%) plan to use points from programs like Air Miles on groceries, followed by vacations (25%), entertainment (18%), and bills (16%).
“While some Canadians may be adjusting how they spend this summer, the desire to travel and enjoy meaningful experiences are still on the horizon for many,” said Jason Beales, Chief Strategy and Commercial Officer, AIR MILES Reward Program.
“With more than half of Canadians choosing experiences over material things, AIR MILES is helping collectors stretch their dollars further.”
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