Canadians say they’ll cut back on summer spending this year, including travel: CIBC

Canadians say they’ll cut back on summer spending this year, including travel: CIBC

TORONTO — Canadian consumers say they plan to spend 25% less than last year on summer fun, including travel, according to a new CIBC poll.

Determined to rein in expenses, Canadians say they will stick closely to their budget and more than ever, look for ways to save during a time that many consider to be their most impulsive spending season.

Here are the highlights of the CIBC’s ‘Cost of Summer Poll’:

  • $1,346 is the average amount Canadians plan to spend on summer fun this year, including travel, dining, recreational activities and summer goods like barbecues and sports equipment. This amount is down 25% from $1,766 last year;
  • One third of respondents (32%) say they will stick very closely to their budget this summer, up from 29% in 2015, and 50% say they will somewhat stick to their budget, up from 45% in 2015; and
  • 67% of Canadians say summer is the season during which they tend to make more unplanned and impulsive spending decisions.