65% of Canadians cancelling international summer trips

As the weather warms, a new CIBC poll finds that Canadians’ sentiments on summer spending are tepid with 88 per cent concerned about how the cost of living will impact summer enjoyment.

With expenses being top of mind for many, two thirds of Canadians (67 per cent) are focused on saving rather than spending this season. Canadians plan to allocate most of their funds to everyday expenses, such as gas and groceries with nearly half (46 per cent) trying to reduce daily spending and over a quarter (30 per cent) delaying major purchases.

Top expenses Canadians are looking to better manage:

• Everyday expenses such as gas and groceries
• Dining out
• Travel

International travel is taking a backseat this year, with two thirds of Canadians (65 per cent) opting to stay local and only 14 per cent planning to travel to the U.S. this summer.

Despite economic challenges, Canadians are finding a number of ways to have fun this summer without splurging, such as reducing daily spending, budgeting more strictly, seeking out deals and planning local experiences.

“The desire to manage costs is influencing spending decisions for Canadians, and it’s understandable that many are looking for ways to optimize their finances and make the most of summer without blowing their budget,” said Carissa Lucreziano, Vice-President, Financial Planning and Advice, CIBC. “Establishing a budget and setting savings goals can help ensure that you’re on track to meet your financial ambitions while still enjoying a savings savvy summer.”

Polling found that despite Canadians feeling uncertain about the economic landscape, two thirds (65 per cent) feel prepared to manage their finances this summer.

Other key poll findings:

• 76 per cent find it harder than ever to save money
• 72 per cent describe the current economic mood negatively
• 68 per cent are worried about interest rates