A Poll Says Inflation Is Ruining Canadians' Summer Plans & The Top Money Drainer Is Just Sad

Inflation seems to be a key concern for a lot of Canadians at the moment, with many feeling the pinch this summer.

In fact, according to a new survey by CIBC, 80% of Canadians are concerned about how rising inflation is about to impact their summer plans, and for good reason too.

The same study notes that Canadians are expected to spend approximately $1,900 on summer activities this year. This is a whopping $400 increase from how much they approximately spent in 2021.

To make things even worse, the highest "spending category" of the season is expected to be groceries with 81% of Canadians expecting everyday items from the store to be a top expense this summer.

The CIBC poll notes that "typical summer spending" includes dining out, travelling, renovations and home/cottage expenses. And, of course, everyday items such as groceries and gas.

Earlier this month, Statistics Canada released new data that says the annual inflation rate for the year rose by 8.1%.

Thanks to the rate of inflation, 62% of Canadians say they are finding it harder than ever to save money, according to the CIBC poll. As well, 58% believe they have a lot less in their bank account now as opposed to previous years.

Many have also taken to TikTok to showcase just how bad the inflation is by documenting the price of everyday grocery store products.

However, it's not all grim. According to the poll, 64% are tackling the situation with the help of some simple strategies.

According to the poll, 36% say they are planning to use coupons and look for deals, 33% plan to stick more strictly to budget, and 30% plan to switch from brand name products to lower-cost versions.

This article's cover image was used for illustrative purposes only.