Canadians spending about $1,500 on average for their December holiday getaway - most are traveling within Canada
TORONTO, Dec. 18, 2013 /CNW/ - A CIBC (TSX: CM) (NYSE: CM) poll conducted by Leger shows that 25 per cent of Canadians surveyed are planning to travel this holiday season, at an average cost of $1,462. More than half of those Canadians are planning to spend that holiday travel money here in Canada.
Key findings of the poll include:
- 25 per cent of Canadians surveyed are travelling during the December holiday season
- Among those Canadians planning a holiday vacation:
- They intend to spend an average of $1,462
- 53 per cent are staying within Canada, 25 per cent are visiting the U.S., and 17 per cent are travelling outside of North America
- Among those staying in Canada, the average vacation cost is expected to be $824, while among those saying they are visiting the U.S., the average cost is expected to be $1,680. Travellers going outside of North America plan to spend $3,405.
"Our poll results show that many Canadians are finding the time to get away for a holiday vacation," said Steve Tyers, Vice President, Card Product Management, CIBC. "It also shows that many Canadians are watching their budgets by staying close to home and keeping their costs down."
Top Travel Concerns for Canadians
The research also revealed the top concerns Canadians have when they travel. Their top concerns are:
- Falling ill while travelling was identified by 24 per cent of travelers
- Flight is delayed or cancelled because of bad weather was a concern of 11 per cent
- Losing luggage; overspending on vacation; and losing money and/or credit cards were each identified by 8 per cent
"It is always best to call your credit card issuer to see what protection your card may provide to give you peace of mind while on vacation," said Mr. Tyers. "For example, the newly enhanced CIBC Aventura Visa Infinite cards have four types of travel insurance: flight delay and lost baggage insurance, trip interruption, trip cancellation, and travel medical insurance, including three days of travel medical insurance for travelers 65 and older."
To make the most of your holiday vacation plans, CIBC offers the following tips:
- Make sure you understand the travel protection you may already have: Many credit cards offer insurance to protect you and your family, such as travel medical, trip cancellation, trip interruption, flight delay, lost baggage, car rental collision/damage. Be sure you understand what you're covered for and how to access it if you should need it when you are away. If you do not have travel medical insurance on your credit card, you may wish to purchase it to protect you and your family.
- Contact your credit card company to alert them that you are travelling: Advance notice to your credit card company on your travel plans can help ensure your credit card charges go through and you have use of your credit card for your vacation.
- Keep your cash and cards secure, and have a back up form of payment: Carrying a back up payment card or cash can help if you lose your primary method of payment. Be sure to keep them separate and in secure locations, and have important phone numbers written down separately in the event you lose a credit or debit card.
- Help manage or track your vacation spending through free budgeting and tracking tools: For example, with the free CIBC CreditSmart tool you can set and track your spending by category, set spending limits, and set up Alerts that remind you when you get close to your limits.
- Access benefits you have on your credit cards to stretch your vacation budget further: For example, your credit card may have features such as discounts on travel-related items such as car rentals.
Among Canadians surveyed, intentions to travel on vacation during the upcoming December holiday season, by region:
Among Canadians surveyed who are planning to take a vacation this December holiday season, destination that they plan to travel to, by region:
|Within Your Province||Within Canada, But Outside Your Province||U.S.||Outside of North America|
- Canadians 65 and older plan to spend the most on their holiday vacation ($2,084).
- Residents of Alberta plan to spend the most on their holiday vacation, averaging $1,781, while residents of Atlantic Canada plan to spend the least ($1,210 on average).
Among Canadians surveyed who are planning to take a vacation this December holiday season, average amount they plan to spend, by region:
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 December 9 and 11, 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.