A survey conducted by Ipsos exclusively for Global News shows that a majority of Canadians are hoping to take a summer vacation this year, with 62 percent of respondents indicating they are at least somewhat likely to go away. This marks a six percentage point increase from similar polling done in April 2023. Additionally, 79 percent of respondents expressed that they “really need” a vacation this year, which is up eight points from the previous year. Sean Simpson, senior vice-president at Ipsos Global Affairs, believes that recent crises in affordability, overseas conflicts, and climate change are weighing heavily on Canadians, leading them to seek an antidote in the form of a summer getaway.
However, financial pressures remain a significant obstacle for many Canadians, with years of high inflation and rising interest rates causing ongoing stress. The Financial Stress index released by FP Canada for 2024 shows that money worries are a top concern for an increasing number of Canadians. As a result, fewer Canadians feel they can easily afford a vacation, and two-thirds of respondents reported scaling back their vacation plans due to inflation. The poll also revealed that economic uncertainty is impacting vacation plans for many Canadians, with most choosing to prioritize other savings instead of time away.
Vacation intentions are divided along income and generational lines, with households earning less than $40,000 annually being less likely to take a vacation compared to those with higher incomes. Younger Canadians aged 18-34 were the most likely to say they were very likely to take a summer vacation, followed by those aged 35-54 and older individuals. Financial realities are impacting Canadians’ getaway plans, but Simpson believes that most households will be able to find a way to make it work, even if it means resorting to credit card financing.
Despite the risks associated with relying on credit cards to fund a vacation, there are also potential benefits such as built-in travel insurance and the waiving of foreign transaction fees. To avoid accumulating a hefty credit card bill, it is advisable to take out local currency from a bank before the trip and be mindful of ATM conversion rates. Canadians can also save money on overseas trips by being flexible with departure and arrival cities to secure cheaper airfare. Additionally, there is growing interest in the 2024 Olympic Games in Paris, with nearly six in 10 respondents indicating interest in the event.
The majority of Canadians view the Olympics as a unifying and pride-inspiring event, with many believing it will be an important opportunity for the world to come together. Despite global conflicts and environmental impacts, most respondents agreed that the Olympics should proceed. Overall, the Olympics, like a summer vacation, have the potential to serve as a tonic for Canadians seeking escapism and optimism. Ipsos polling indicates a turnaround in optimism among Canadians, with some households renewing hope that financial stress may ease soon with signs of inflation cooling and positive economic data.
In conclusion, the desire for a summer vacation among Canadians is strong, despite financial pressures and economic uncertainties. While many feel the need for a vacation, they are facing challenges in affording one due to inflation and other money stressors. However, there is optimism that households will find ways to make travel plans work, even if it means relying on credit card financing. Additionally, the upcoming 2024 Olympic Games in Paris are generating interest and pride among Canadians, offering a sense of unity and hope during challenging times. Overall, the potential for a summer vacation and the excitement surrounding the Olympics are contributing to a slight turnaround in optimism among Canadians.
