Canadians spending $1,600 on average for their summer getaway - most are traveling within Canada
TORONTO, July 5, 2013 /CNW/ - A CIBC (TSX: CM) (NYSE: CM) poll conducted by Leger shows that 56 per cent of Canadians surveyed are planning to take a vacation this summer, at an average cost of $1,600 - down slightly from just over $1,700 last year. Most Canadians are planning to spend that money here in Canada for their July or August holidays.
Key findings of the poll include:
- 56 per cent of Canadians surveyed are taking a vacation during July and August, similar to the 55 per cent finding from the same poll last year.
- Among those Canadians planning a summer vacation:
- They intend to spend an average of $1,599 on their summer vacation in 2013, down slightly from $1,728 last year
- 73 per cent are planning to vacation within Canada, 25 per cent are visiting the U.S., and 9 per cent are travelling outside of North America*
- Among those staying in Canada, the average vacation cost is expected to be $1,406, while among those saying they are visiting the U.S., the average cost is expected to be $2,161.
- Residents of Manitoba and Saskatchewan plan to spend among the most on vacations this summer, averaging $2,075, while residents of Atlantic Canada plan to spend the least ($1,195 on average).
"Our poll results show that Canadians are finding the balance between getting away for a well-deserved vacation this summer while holding the line on expenses," said Cheryl Longo, Executive Vice President, Card Products, CIBC. "Canadians are being mindful of their budget and their broader financial goals this summer, and a great way to do that is to vacation here in Canada."
The poll also revealed:
- Of Canadians surveyed, those aged 35 to 54 are the most likely to take a summer vacation (64 per cent), and those aged 65 and older are the least likely (47 per cent).
- Families with children are somewhat more likely to get away this summer (64 per cent) than those with no children (53 per cent).
Top Travel Concerns for Canadians
While vacations are meant to be fun, past CIBC research has shown that Canadians do have concerns when they travel. Their top 3 concerns are:
- Falling ill while travelling (36 per cent)
- Losing money or credit cards (18 per cent)
- Overspending while on vacation (12 per cent)
Canadians planning to travel can use the following advice to protect you from unexpected costs or other worries while travelling:
- Falling ill while travelling
- Many CIBC credit cards offer comprehensive travel medical insurance that can help to protect you in the event you need medical care when travelling. Visit cibc.com or call us to determine the benefits offered by your CIBC credit card before you go away.
- Bring a back up form of payment when travelling in the event you lose cash or your credit or debit card.
- For example, if you choose to pay by credit card on vacation, store a debit card or a small amount of cash separately, which you can use in an emergency. This works for international travel as well - the CIBC Advantage Debit Card can be used to pay by debit even when you are travelling outside Canada.
- You can reduce your costs by using loyalty points to help pay for hotels, rental cars, flights, and other travel expenses. A recent poll by CIBC indicated 37 per cent of Canadians used reward points to pay for a portion of their travel costs on a recent vacation.
- Use free budgeting tools such as CIBC CreditSmart - to set budgets and receive alerts if you exceed your budget, helping you stay on top of your vacation dollars. Or you can check on your accounts via Mobile Banking to keep on top of day to day spending while you are away.
For more information and tips, visit the CIBC Advice Centre.
- Quebec residents are the most likely to vacation this summer (62 per cent) and residents of Manitoba, Saskatchewan and B.C. are among the least likely (51 per cent).
- Atlantic Canadians are the most likely to travel within Canada (90 per cent), residents of Manitoba and Saskatchewan are the most likely to visit the U.S. (39 per cent), while those in Ontario and Quebec are among the most likely to vacation outside of North America (11 per cent).
Among Canadians surveyed who are planning to take a vacation this summer, average amount they plan to spend, by region:
Among Canadians surveyed who are planning to take a vacation this summer, destination that they plan to travel to, by region*:
* Totals add to more than 100 per cent as some respondents indicated they were taking more than one trip this summer.
Results are based on a CIBC poll conducted online by Leger, which surveyed 1,503 Canadians. The associated margin of error for a probabilistic sample of the same size is +/-2.5%, 19 times out of 20. Polling was conducted between June 17 and 19, 2013.
CIBC is a leading North American financial institution with nearly 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, and has offices in the United States and around the world. You can find other news releases and information about CIBC in our Press Centre on our corporate website at www.cibc.com.