With pandemic travel restrictions easing, a new CIBC survey found that 63 per cent of Canadians are keen to travel again. However, 75 per cent of Canadians indicated they are very concerned about the cost of travel due to inflationary pressures.
Among those with travel intentions for this summer (36 per cent), half are planning a road trip within Canada this summer, while 38 per cent are planning budget friendly vacations. Meanwhile, 42 per cent are unsure about the total amount of money they want to spend on summer travel this year.
The survey also found that 57 per cent of Canadians agree travel is essential for their mental health.
"Canadians told us earlier this year they are prioritizing their wellbeing, so it's not surprising to see travel included as a key component of overall wellness," said Carissa Lucreziano, Vice-President, CIBC Financial and Investment Advice. "However, as costs have increased, it's important to keep a keen eye on budgets and explore ways to lower expenses, wherever possible, when planning trips."