57 per cent of Canadians say travel is an essential aspect of their overall mental health

TORONTO, June 28, 2022 /CNW/ - With pandemic travel restrictions largely in the rear-view mirror, a new CIBC polls finds that a majority of Canadians (63 per cent) are ready and excited for travel again. However, some vacation plans remain uncertain with three quarters of Canadians (75 per cent) indicating they are very concerned about the cost of travel due to inflationary pressures.

The survey also found that most Canadians agree travel is essential for their mental health (57 per cent). Among those with travel intentions for this summer (36 per cent), half (50 per cent) are planning a road trip within Canada this summer while 38 per cent are planning budget friendly vacations. Additionally, many (42 per cent) are unsure about the total amount of money they want to spend on summer travel this year.

• 50 per cent are planning a road trip within the country
• 23 per cent are taking a trip within Canada involving a domestic flight
• 20 per cent are planning a camping or RVing trip
• 18 per cent are planning on international travel to a country other than the U.S.
• 16 per cent plan to book a rental cottage

"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."

With travel largely restricted over the course of the pandemic, many Canadians have been busy accumulating travel rewards points, with Canadians reporting they have accumulated total of 55,700 points on average on their travel rewards cards. Despite the large number of points, many (66 per cent) say they plan to dip into their personal savings to pay for their summer vacation, while a third (33 per cent) of respondents said they will not be traveling at all this summer because rising prices are making travel prohibitive.

"With the average roundtrip short haul flight starting as low as 10,000 Aventura points, travel rewards can be a good option to help offset many of the costs associated with a summer vacation including accommodations or flights" added Ms. Lucreziano.

• 62 per cent of Canadians would be more inclined to travel within their province if they received a tax credit for their vacation
• 63 per cent of Canadians are comfortable traveling internationally to the U.S. by vehicle
• 42 per cent of Canadians say they would be open to extending their vacation to work elsewhere in the world, if they could do so remotely

CIBC is a leading North American financial institution with 13 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network and locations across Canada, with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html

These are some of the findings from a study released by Maru Public Opinion undertaken by its sample and data collection experts at Maru/Blue on May 17-19, 2022, among a random selection of 1,524 Canadian adults who are Maru Voice Canada panelists. The results were weighted by education, age, gender, and region (and in Quebec, language) to match the population, according to Census data. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.5%, 19 times out of 20. Discrepancies in or between totals are due to rounding.

SOURCE CIBC