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| Many Canadians still prioritize spending on travel amid high inflation. (Illustration photo) |
Specifically, a survey of 2,000 Canadians found that nearly half (about 48%) have cut their budget to afford a trip.
“Even in challenging economic times, the desire to explore and connect with the world remains a fundamental aspect of the human spirit,” FlightHub CEO Chris Dave said in a press release.
Of those who have flown in the past two years, 57% have cut back on non-essential expenses to afford a trip this year. That number jumps to 77% in New Brunswick, the highest of any Canadian province.
Many of those who cut back on spending to afford a trip even cut back on essential expenses, with 41% cutting back on everyday spending. Those who still can’t afford to travel are turning to other financial means, with 28% using credit cards to fund their trips.
Younger Canadians are also making compromises and concessions to make their travel dreams come true. Of them, 57% have cut back on their trips to restaurants, theaters and concerts. Meanwhile, 69% of Gen Zers say they are willing to work overtime to travel.
A separate study by SAP Concur, a company that provides business travel and expense management services, found that nearly half (48%) feel travel is important to keep up with the latest trends, technologies and advancements, as well as establishing relationships with new customers (47%).
However, 96% recognize that there are threats to business travel, with inflation (44%) being one of the biggest issues. The survey found that economic uncertainty has impacted travel for 91% of Canadian business people, causing them to reduce their travel budget by 47%.
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