Weak loonie impacts March Break travel plans

Vacation plans of one in four (26%) Canadians planning to get away this March Break have been impacted by the declining Canadian dollar, according to a CIBC poll.

Read: Remind clients to buy insurance for March Break getaways

Highlights of the poll include:

• Canadians travelling this March Break plan to spend an average of $2,638, up 13% from $2,328 last year
• Albertans plan to spend the most, at $4,063, while Quebecers plan to spend the least, $1,376
• Of those planning to travel, 26% say the declining Canadian dollar has impacted their travel plans

Read: Travel insurance saved Canadians $138M

• Just 35% of travellers are headed to U.S. or international destinations this March Break, compared to 56% in last year’s poll
• U.S. travel has decreased to 20% from 35% of travellers
• International travel has decreased to 15% from 21% of travellers

Among those travellers impacted by the declining Canadian dollar, the poll asked how they are adjusting their travel plans as a result:

• 28% of impacted travellers will need to find a way to save more money for their trip
• 25% will travel closer to home
• 24% decided to cancel their trips altogether
• 19% will still be travelling outside Canada, but have scaled back their spending

Read: Check clients’ insurance before travelling

Staff

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