Canadians to spend money close to home this summer

The vast majority of Canadians (81%) plan to spend the first long weekend at home this year, finds a survey by Tangerine. Further, 69% say the value of the Canadian dollar is impacting their travel plans for the rest of the summer.

For the remainder of the summer months, a quarter of Canadians say they won’t be getting away at all, and 58% will travel within Canada or their home province. Only 9% will travel to the U.S., and another 8% will travel internationally.

Here are some additional findings.

• Of those planning a trip within Canada this summer, 55% will spend more than $1,000; of those planning a trip to the U.S., 74% will spend more than $1,000.
• Canadians are most likely to prefer an extended cottage trip to the lake and a good book (44%), followed by a busy-city adventure (23%).
• 33% would choose the east coast/Atlantic Canada as their destination of choice, followed by B.C. (25%), Ontario (16%), and Quebec (16%).
• Millennials are the most likely to splurge, admitting they’re likely to overspend on food and beverage (63%), outdoor activities (43%), shopping/souvenirs (35%), and tickets for entertainment (25%).

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Staff

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