Survey shows 71% of Canadians expect inflation will influence their vacation plans in 2022
A recent CIBC study showed that 63% of Canadians are eager and ready to travel once more with the pandemic travel restrictions largely in the past. But 75% of Canadians say they are extremely concerned about the cost of travel owing to inflationary pressures, and some vacation plans remain uncertain.
Many Canadians (57%) believe that travel is crucial for maintaining mental health, according to the survey. Of the 36% of individuals who plan to travel this summer, 50% are driving across Canada, while 38% are booking low-cost getaways.
Among Canadians who indicate they'll be traveling this season, the survey found:
- 50% of respondents intend to drive across the country.
- 23% are flying domestically within Canada for their trip.
- 20% of people intend to go camping or RVing.
- 18% of Americans intend to visit a nation other than the United States.
- 16% intend to reserve a cottage rental.
"Canadians told us earlier this year they are prioritizing their wellbeing, 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."
Other Poll Key Findings:
- 62% of Canadians say they would be more likely to take vacations within their own province if they were given a tax credit.
- 63% of Canadians are at ease driving to the United States from other countries.
- 42% of Canadians believe they would be willing to extend their vacation time if they could work remotely from another country.
While Canadians are eager to pack their bags and travel both domestically and internationally after years of staycations, many will be disappointed to hear that their vacation budgets won't stretch as far as they had thought because prices are rising, and the tourism sector is still recovering from the pandemic.
The CIBC survey also showed many (42%) are not certain about the total amount of money they plan to spend.
Meanwhile, according to a recent poll by Rakuten.ca, the cost is the biggest barrier to organizing a post-pandemic trip, with inflation and skyrocketing gas prices topping the list.
"Canadians are ready to travel again, and we want to help them get the most out of their travel experiences," says Claire Sweeney, VP of Marketing at Rakuten.ca. "We discovered, 63% of Canadians agree travel is more important now than it was before the pandemic."