JUST CAN’T AFFORD IT
That’s why half of Canadians won’t take a winter vacation this year
NOW THIS A SURPRISE
With winter settling in across the country and the busy travel season just revving up, it seems that half of Canadians will be spending it at home.
Dan Keon, vice-president, market management at Allianz Global Assistance Canada, observed: “It looks like this coming winter season will at best include a frigid ‘snow-cation’ at home instead of a warm, sandy beach for more than half of Canadians.”
Findings in Allianz Global Assistance Canada’s fourth annual Canadian Winter Vacation Confidence Index reveal that 51% of Canadians say they won’t be taking a winter vacation this year.
The study was conducted by Ipsos for Allianz Global Assistance.
And when they were asked for the main reason for not taking a vacation, close to two-thirds (66%) said they can’t afford it. The next reason for not expecting to take a vacation this year was ‘Just don’t want to go,’ at 13%.
Another seven per cent said they have ‘too many family responsibilities.’ Only five per cent said they ‘don’t have time,’ while three per cent were ‘concerned about an economic downturn.’ The remainder cited other reasons.
Said Keon: “Obviously Canadians are concerned about their pocket books. While 72% of Canadians said that an annual vacation is important to them, it’s interesting that only 49% actually expect to take one. And they expect it will cost them more to do so.”
In fact, 5% more.
Of those who are planning on taking a winter vacation, they expect to spend a total of $2,706. That’s the highest anticipated spend since Allianz started collecting this data four years ago. Not surprisingly, Boomers say they’ll spend the most at $3,299, significantly more than the $2,205 Millennials intend to lay out.
Millennials will spend the least on average, they are also the largest age group to cite budget constraints as their reason for not taking a vacation (75%) followed closely by GenXers (73%).
Keon points out that: “The Index shows that having the budget to take a vacation is directly related to age. While Millennials cite greater budget constraints (75%), Boomers appear to have saved or acquired the resources with significantly fewer (55%) indicating that money is keeping them from travelling.”
Regionally, the average anticipated spend is highest in the Prairie Provinces at $3,365 and lowest in Quebec at $1,908. Ontarians expect to spend an average of $3,012.
With Keon observing that: “Despite the fact that just over half of Canadians don’t plan on taking a winter vacation, for those who will, they are expected to add a significant boon to the economy. But it is important for them to protect their hard-earned investment with travel insurance that not only covers medical emergencies but trip interruptions and cancellations.”
Based on an average spend of almost $3,000 per household, the study projects Canadians will spend over $13.5 billion on winter vacations this year – up from $12.2 billion a year ago.