Despite inflated travel costs, more than 40% of Canadians plan to go on summer vacation this year!
Although inflation continues to be a burden, a recent survey by HelloSafe – an insurance and financial comparison website – shows that 40.4% of Canadians plan to go on summer vacation this year, a significant increase from the 25% who had similar plans last year. The survey involved 1,045 Canadian residents and was conducted on their website during the month of May.
This year, 35.1% of respondents said they have no holiday plans, while 25.4% remain undecided. Among those not planning vacations, 37.7% cited inflation as the primary reason and 2.7% mentioned health reasons as a barrier to travel. Additionally, 32.4% prefer to vacation at another time of the year to benefit from lower prices and fewer tourists. Meanwhile, 27.2% plan to enjoy their time off at home.
Inflation also affects Canadians’ choice of vacation destinations due to higher travel costs. There’s an increasing preference for nearby destinations. The survey found that 30.8% of respondents intend to stay within their home province and 27.9% plan to visit another Canadian province, meaning that 58.7% of vacation planners will remain within Canada. For those traveling abroad, 15.6% prefer the United States, while 12.4% and 9.1% plan to visit Europe and South America, respectively.
“This summer, a higher proportion of Canadians are planning to go on vacation, marking a significant uptick in travel intent despite the challenges posed by ongoing inflation and geopolitical uncertainties. This trend is a positive indicator for the Canadian economy, suggesting a resilient consumer confidence and a desire to return to pre-pandemic leisure activities. Increased vacation travel can stimulate various sectors, including hospitality, retail, and transportation, thereby generating substantial economic activity and employment opportunities. Moreover, this surge in travel is particularly encouraging in the current context, as it reflects a collective determination to seek normalcy and enjoyment amidst financial and global instabilities”, said Alexandre Desoutter, a HelloSafe spokesperson.