Financial reasons are most commonly cited for scaled back vacation intentions
Fewer Canadians will be heading off on vacation over the winter as fragile finances mean cutting back on travel over the next year.
A new report from Allianz Global Assistance Canada shows that while 35% of respondents said they plan to take a winter vacation, this is down from 47% a year ago. And looking at 2025, the share who said they have plans is down from 70% in last year’s survey to 60%.
The top reason given for scaling back travel plans is financial considerations (60%) although there is also a decrease in the post-pandemic desire to make up for lost time. Two thirds of those who took part in the Ipsos poll said their annual vacation is important to them.
Just 17% of respondents are planning out-of-province travel during the holiday season and 38% cited cost as the biggest barrier.
"This year's Vacation Confidence Index Study highlights how economic pressures are influencing Canadians' travel decisions," said Dan Keon, vice president of marketing and insights at Allianz. "While the aggressive post-pandemic travel rebound appears to be levelling out, it's great to see that the desire to travel remains strong.”
For those that are travelling, insurance is a key consideration with 90% planning to secure some form of travel coverage for upcoming trips, including through work benefits, credit card coverage or some other means.
“Travel insurance is more essential than ever, not only for medical emergencies, but to protect trip investments and provide the confidence needed to enjoy travel to the fullest,” added Keon.
