Canadians scaling back summer travel plans due to cost of living: CIBC

Vancouver International Airport (YVR) in Richmond, B.C. on Thursday, Dec. 21, 2023. (CityNews Image)

CITYnews halifax / By Mike Lloyd

Summer travel season is upon us, but a good number of Canadians say they’re cutting back on their plans over the next couple of months because they just can’t afford to spend as much.

More than a quarter of the Canadians who responded to a CIBC summer spending poll say they are scaling back summer travel plans as they grapple with the high cost of living.

Of those who say they’ve already booked time off, almost two-thirds say they’re taking a budget-conscious approach to summer fun. Four-in-10 shared they intend to spend less than $2,000 on travel.

To stretch those dollars further, most plan to keep travel within Canada. Half are choosing more affordable options like road trips, and one in five are camping to reduce expenses.

Outside of travel, many Canadians indicate they are also cutting back on day-to-day expenses and forgoing big purchases this summer. Another poll, actually done for a major auto manufacturer, suggests more than half of us are dealing with the current economic climate by delaying or cancelling at least one major purchase.

Regionally, B.C. residents are among the most likely to delay travel plans, the survey found.