Year-end vacationers to spend more

Fewer Canadians will be travelling for the holidays this year, but those who are taking vacations plan on spending more money, finds a new CIBC poll.

Read: Travel insurance saved Canadians $138M

Key findings of the poll include:

• 22% of Canadians are planning a holiday vacation in December, down from 25% last year. Within this group:
  • They plan to spend on average of $1,509 on their trip, including transportation, accommodation, meals, and other activities, up from $1,462 last year
  • Half (53%) of travellers this holiday season plan to stay within Canada; 34% will say closer to home in their own province, 19% will travel outside their province
  • Four in 10 (40%) will vacation outside of Canada, including 20% travelling to the U.S. and 20% heading to travel spots beyond Canada or the U.S.
  • Visiting family or friends was the top reason for travelling for half (50%) of the group; another 21%indicated their primary reason to travel is to get warm

The top concerns cited by Canadians who plan to travel this holiday season include:

• Getting sick or injured on their vacation (33%)
• Losing money or credit cards (10%)
• Losing luggage (8%)

Also read:

Check clients’ insurance before travelling

Many will travel this winter

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.