The return of travel delights many despite inflation

With COVID-19 restrictions in the past, the majority of Canadians (63%) are happy to start traveling again, despite inflation concerns (75%), a recent poll found.

The return of travel delights many despite inflation

With COVID-19 restrictions in the past, the majority of Canadians (63%) are happy to start traveling again, despite inflation concerns (75%), a recent poll found.

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Conducted by Maru Public Opinion on behalf of CIBC, the poll showed that traveling is essential to ensuring the mental health of Canadians (57%). Thus, 36% of them have planned a trip during the summer. Of those who will be traveling during the summer season, half (50%) have planned a road trip to Canada.

"Canadians told us earlier this year that they put their well-being first, so it's no surprise that travel is among the key elements of well-being," said Carissa Lucreziano, vice-president. President, Financial and Investment Advisory at CIBC.

However, with the rising cost of living, many Canadians have preferred to opt for low-cost vacations (38%) while others are not yet sure how much they will invest in their trip (42% ). Additionally, a third of respondents (33%) said they will not be traveling this summer due to rising costs making them “unaffordable”.

"As prices have risen, it's important to watch your budget closely and find ways to cut expenses as much as possible when planning trips," Lucreziano said.

The probe was made from May 17, 2022 to 1,524 randomly selected Canadians aged 18 and over.

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