Canadians planning to spend 13 per cent more on March Break this year,
but fewer going to U.S. and international destinations
TORONTO, March 12, 2015 /CNW/ - A new CIBC (TSX: CM) (NYSE: CM) poll finds that the vacation plans of one in four
(26 per cent) Canadians planning to get away this March Break have been impacted by
the declining Canadian dollar. This poll also shows a decrease in the
number of Canadians planning to travel to U.S. or international
destinations, compared to a similar poll last year when the loonie was
worth over 90 cents U.S. Those travelling plan to spend an average of
about $2,600, up from about $2,300 last year.
Highlights of the poll include:
Canadians travelling this March Break plan to spend an average of $2,638, up 13 per cent from $2,328 last year
Albertans plan to spend the most, at $4,063, while Quebecers plan to spend the least, $1,376
Of those planning to travel, 26 per cent say the declining Canadian dollar has impacted their travel plans
Just 35 per cent of travellers are headed to U.S. or international destinations this
March Break, compared to 56 per cent in last year's poll:
U.S. travel has decreased to 20 per cent from 35 per cent of travellers
International travel has decreased to 15 per cent from 21 per cent of travellers
"With winter this year seeming to drag on forever in many parts of the
country, Canadians on average are willing to spend more to get away,"
says Steve Webster, Vice President, CIBC. "But given the decreased
value of the Canadian dollar, it's not surprising fewer people are
planning to travel to the U.S. or internationally, where they will get
less bang for their buck."
Impact of the lower Canadian dollar on travel plans
Among those travellers impacted by the declining Canadian dollar, the
poll asked how they are adjusting their travel plans as a result:
28 per cent of impacted travellers will need to find a way to save more money for
25 per cent will travel closer to home
24 per cent decided to cancel their trip altogether
19 per cent will still be travelling outside Canada, but have scaled back their
"While the lower dollar can impact the cost of your trip, you can also
look for ways to reduce your expenses, including using points to pay
for flights or hotels," says Mr. Webster. "Check the features on your
credit card - some may offer discounts on travel-related items such as
car rentals, or provide enough insurance protection so that you don't
need to purchase additional coverage."
To make the most of your vacation, CIBC offers the following tips:
Access credit card benefits to stretch your budget further - your credit card may have features such as reward points to pay for
flights, hotels and other travel-related expenses, including discounts
on car rentals.
Manage your vacation spending - with the CIBC CreditSmart tool you can set and track your spending by
category, and set up Alerts that remind you when you get close to your
Have a back-up form of payment - carrying a back-up payment card or cash can help if you lose your
primary method of payment; be sure to keep it separate and in secure
locations. With CIBC's Advantage Debit Card you can shop at stores in
the U.S. and internationally, anywhere Visa is accepted.
Alert your bank that you are travelling - advance notice to your bank or credit card company about your travel
plans greatly reduces the likelihood that you will have a transaction
stopped for suspected fraud, ensuring you have uninterrupted use of
This March Break, CIBC will deliver more comfort, fun, and surprises to
enhance the experience for travellers at Toronto's Pearson Airport,
with activities and snacks for families and special perks for CIBC
Aventura cardholders. Travellers are invited to share photos of their
March Break experience with CIBC on Facebook, Twitter or Instagram
using #PenguinsCanFly. For every share, CIBC Aventura will make a
donation to the CIBC Children's Foundation which greatly improves the
lives of children in need across the country.
KEY POLL FINDINGS
Average amount Canadians who are travelling say they will spend in total
on their vacations, by region:
Of those Canadians planning to travel during the 2015 March Break
holiday, where they plan to travel:
Within my province
Outside my province, within Canada
To the U.S.
Don't know / haven't decided
From February 23rd to 24th 2015, an online survey was conducted among 3,009 randomly selected
Canadian adults who are Angus Reid Forum panelists. The margin of
error—which measures sampling variability—is +/- 1.79%, 19 times out of
20. The results have been statistically weighted according to
education, age, gender and region (and in Quebec language) Census data
to ensure a sample representative of the entire adult population of
Canada. Discrepancies in or between totals are due to rounding.
CIBC is a leading Canadian-based global financial institution with
nearly 11 million personal banking and business clients. Through our
three major business units - Retail and Business Banking, Wealth
Management and Wholesale Banking - CIBC offers a full range of products
and services through its comprehensive electronic banking network,
branches and offices across Canada with offices in the United States
and around the world. You can find other news releases and information
about CIBC in our Media Centre on our corporate website at www.cibc.com.
For further information:
Caroline Van Hasselt, Director, External Communications, 416-784-6699 or email@example.com