Canadians Are Going Into Debt So They Can Take A Vacation & It's An 'Astonishing Trend'
Would you do it? 💸✈️
A traveller walking through the terminal at Toronto Pearson International Airport (YYZ).
From interest rates to the rising prices of food and rent, the cost of living in Canada is certainly a challenge these days. But, it seems many people aren't willing to cut their vacation plans from their budgets.
A survey has revealed an "astonishing trend" of just how far many Canadians are willing to go — from cutting back on groceries to even taking on debt — to go away on a trip.
New data from Montreal-based travel agency FlightHub revealed just how popular it has become to toss aside the realities of essential everyday costs for a holiday getaway and it "highlights the exceptional need for escape and the shifting prioritization of spending."
The surveyed referred to this new "astonishing trend" as evidence that "travel is being prioritized at the expense of essential spending."
Of 2,000 Canadians surveyed, nearly half (48%) said they had to make cuts to their budget to afford a vacation they otherwise wouldn't have been able to take.
For some, that has meant compromising on some non-essentials at home, like going out to a restaurant, theatre, or concert.
57% of millennials said they had made that compromise, while 69% of Gen Z'ers opted to take on extra work hours so they could afford their planned trips.
Another 41% of Canadians said they spent less on groceries ahead of their holiday.
But even more concerning is the number of Canadians who've admitted to going on vacation full well knowing they couldn't afford it.
According to the survey, 28% have resorted to financing their vacations with a credit card.
FlightHub said this data highlights the need for more affordable travel options.
"Even amidst challenging economic times, the desire to explore and connect with the world remains a fundamental aspect of the human spirit," said FlightHub CEO Chris Cave in a statement. "Travel has the remarkable ability to transcend financial concerns, providing a unique and enriching experience."
The survey also revealed younger Canadians are the ones who are doing the most travelling right now.
"This year, we are seeing a number of changes in travel behaviour among our customers. Generation Z, for example, is booking more flights than Boomers, and is more attracted to international destinations such as Manila, London and Paris," said FlightHub CFO Marc Ghobriel.
Have you or would you ever go into debt to go on vacation?
This article's cover image was used for illustrative purposes only.