A recent survey by Ipsos for Simplii Financial highlights the growing financial strain many Canadians are facing this holiday season, impacting their ability to travel. The survey reveals that nearly 80% of respondents feel travel has become more expensive over the past five years, forcing many to reconsider or adjust their holiday travel plans.
Key Findings:
Travel Affordability: About 79% of Canadians report that travel has become less affordable, with 56% of respondents saying they’d like to travel but find it unaffordable.
Compromises on Travel Plans: 68% of Canadians are making compromises regarding their holiday travel. For many, this means opting for shorter trips or staying closer to home.
Domestic vs. International Travel:
52% of respondents are choosing to stay within their home province.
37% of travelers are heading abroad, with the United States (42%) being the top destination, followed by Mexico and the Caribbean (26%).
Cost-Cutting Strategies:
To manage the increasing costs of travel, Canadians are adopting various strategies:
Cheaper Accommodations: 23% of respondents plan to opt for less expensive accommodations.
Airfare Savings: 18% are flying during off-peak times to reduce ticket prices, while 16% are using discount airlines.
Tips for Managing Holiday Travel Costs:
Simplii Financial offers several suggestions for Canadians looking to reduce their travel expenses:
Book Early: Securing flights well in advance can lower costs, and choosing cancellable tickets allows for the flexibility to rebook at a later time if cheaper fares are available.
Use Cash-Back Credit Cards: If dining out during travel, using a cash-back credit card like the Simplii Cash Back Visa (which offers up to 4% back on eligible food-related purchases) can help offset expenses.
Travel Off-Peak: Traveling during less busy times, such as mid-week, can save money and reduce the stress of heavy airport traffic.
Conclusion:
Financial constraints are clearly shaping how Canadians approach holiday travel this year, with many choosing to stay closer to home or adjust their travel plans to keep costs manageable. Simplii Financial’s tips, along with strategic planning, offer ways for Canadians to navigate the challenges of rising travel expenses while still enjoying the holiday season.
This survey, conducted from November 8 to 15, 2024, included 1,500 Canadians aged 18+ and provides insights into the shifting patterns in travel behavior due to economic pressures.
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