Canadians Are Concerned About Money But Not Enough To Change Their Summer & Travel Plans

Here's what people are spending the most money on 👇.

Condo towers near Humber Pay Bark in Toronto, Ontario.

Condo towers near Humber Pay Bark in Toronto, Ontario.

Inflation and the cost of living continue to be a significant concern for people across Canada but a new survey reveals just how much some are willing to ignore the stress of money in favour of an enjoyable summer 2023.

From nights out enjoying food and drinks to sticking with a planned summer vacation, most Canadians aren't changing their plans despite paying more money for their everyday essentials.

A new CIBC poll released Monday reveals while 92% of Canadians are experiencing everyday cost increases, 73% are optimistic they can still live within their means and even plan to spend on summer activities just as they did this time last year.

According to the poll, aside from costs like gas and groceries, people plan to spend the most money on food and dining, travel, home or cottage expenses, and renovations and landscaping this summer.

But while spending plans for most remain the same as in summer 2022, 81% of Canadians said they have a budget set aside for summer activities. Most said they're also looking for ways to stretch their dollar due to inflation, by searching for deals, putting off some more significant purchases, and even swapping out brand-name products for cheaper options.

"Summertime is when Canadians typically spend the most money and given inflation and higher interest rates, it isn't surprising to learn that they are looking for ways to stretch their budget this season," said Carissa Lucreziano, the Vice-President of Financial and Investment Advice at CIBC. "Creating your budget, looking for ways to make your dollar stretch further and getting to know the benefits associated with your credit card rewards program are a few easy ways to help you make the most of your money while still having a lot of fun this summer."

The survey identified Canadians are specifically looking to manage their spending when it comes to dining out, clothing, and entertainment this summer.

It also offered another sobering and realistic look at the state of Canada's economy right now, and how that's left people feeling about their finances.

According to the CIBC poll, 83% of Canadians are concerned about the country's economy getting worse, while 76% said they are concerned about a recession.

Has the cost of living in Canada changed any of your summer plans?

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

Stuart McGinn
Stuart McGinn was the Money Editor for Narcity Media and focused mainly on covering topics ranging from personal finance, to real estate, and careers. Stuart is from Ottawa and is now based in Toronto.