With pandemic travel restrictions largely in the rear-view mirror, a new CIBC polls finds that a majority of Canadians (63 per cent) are ready and excited for travel again. However, some vacation plans remain uncertain
with three quarters of Canadians (75 per cent) indicating they are very concerned about the cost of travel due to inflationary pressures.
Another poll, this one taken by PayPal Canada, finds that nearly half of millennials plan to splurge on their next vacation. A majority of respondents (97%) plan to travel within North America this year and 25 per cent prefer to explore locally in Canada. Nearly one-half (43 per cent) are checking off destinations on their personal bucket lists crafted by their own research to experience the greatest trip of all times.
However, 82 per cent of those surveyed by PayPal Canada said inflation will impact their dream getaway this year, with 16 per cent ranking budget management as their top travel finance concern, even more than changing plans due to COVID-19 (13%).
Young people on the beach in Costa Rica. G Adventures/Roamies photo
The CIBC survey found that most Canadians agree travel is essential for their mental health (57 per cent), and that 36 per cent of Canadians intend to travel this summer. Among those intent on travelling, 50 per cent are
planning a road trip within Canada this summer while 38 per cent are planning budget friendly vacations. Eighteen per cent are planning an international trip to a destination other than the U.S, which is actually pretty solid.
“Canadians told us earlier this year they are prioritizing their well-being, so it’s not surprising to see travel included as a key component of overall wellness,” said Carissa Lucreziano, Vice-President, CIBC Financial and Investment Advice. “However, as costs have increased, it’s important to keep a keen eye on budgets and explore ways to lower expenses, wherever possible, when planning trips.”
More than six in ten Canadians (62 per cent) said they’d be more inclined to travel within their province if they received a tax credit for their vacation. Ontario has a “staycation” tax credit that provides provincial residents with up to $200 in tax rebates.
