Here’s how Canadians are saving for travel this year

A new report shows how Canadians are saving for a dream vacation this year.

Despite inflation and unemployment increasing to 6.6 per cent in August, Canadians want to travel, according to a new survey from Sunwing Vacations.

Nearly two-thirds (61 per cent) of Canadians are planning to travel internationally on vacation in the next year, the survey found.

The majority of Canadians (88 per cent) are concerned about rising prices for vacations and 85 per cent of those who plan to travel internationally say their budget has increased or is the same as last year.

Sunwing found the top three ways Canadians are saving for travel include travelling during off-peak seasons (60 per cent), booking in advance to take advantage of early booking rates (56 per cent), looking for all-inclusive vacation deals which include one upfront price that covers the full cost of the vacation (39 per cent), and setting up a vacation fund (39 per cent).

Canadians are saving for their upcoming vacations by making lifestyle trade-offs including cooking more meals at home (86 per cent), buying fewer non-essential items (80 per cent), and shopping for sales or using coupons (80 per cent).

“Canadians are savvy in how they spend their money, looking for the most value on their purchases and, as our research confirms, travel is no exception,” said Samantha Taylor, chief marketing and digital officer for Sunwing Vacations Group.

“Quality time on vacation is a top priority for Canadians and their families, even in the current economy, and they are willing to make trade-offs to turn their dream vacations into reality.”

The survey was conducted by Sunwing Vacations from Aug. 9 to 13, 2024, among a representative sample of 1,512 online Canadians who are members of the Angus Reid Forum.

The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-3.10 percentage points, 19 times out of 20.

Lead photo: mrpixel000