Everyday essentials and experiences take precedence
TORONTO, June 4, 2025 /CNW/ - As the weather warms, a new CIBC poll finds that Canadians' sentiments on summer spending are tepid with 88 per cent concerned about how the cost of living will impact summer enjoyment.
With expenses being top of mind for many, two thirds of Canadians (67 per cent) are focused on saving rather than spending this season. Canadians plan to allocate most of their funds to everyday expenses, such as gas and groceries with nearly half (46 per cent) trying to reduce daily spending and over a quarter (30 per cent) delaying major purchases.
Top expenses Canadians are looking to better manage:
- Everyday expenses such as gas and groceries
- Dining out
- Travel
International travel is taking a backseat this year, with two thirds of Canadians (65 per cent) opting to stay local and only 14 per cent planning to travel to the US this summer.
Despite economic challenges, Canadians are finding a number of ways to have fun this summer without splurging, such as reducing daily spending, budgeting more strictly, seeking out deals and planning local experiences.
"The desire to manage costs is influencing spending decisions for Canadians, and it's understandable that many are looking for ways to optimize their finances and make the most of summer without blowing their budget," said Carissa Lucreziano, Vice-President, Financial Planning and Advice, CIBC. "Establishing a budget and setting savings goals can help ensure that you're on track to meet your financial ambitions while still enjoying a savings savvy summer."
Polling found that despite Canadians feeling uncertain about the economic landscape, two thirds (65 per cent) feel prepared to manage their finances this summer.
Other key poll findings:
76 per cent find it harder than ever to save money
72 per cent describe the current economic mood negatively
68 per cent are worried about interest rates
Disclaimer:
The findings are from an Ipsos poll conducted between April 14th and April 22nd, 2025, on behalf of CIBC. For this survey, a sample of 1,500 Canadians aged 18+ were interviewed online. Sample was sourced from the Ipsos panel. Weighting was employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±3.1 percentage points, 19 times out of 20, had all Canadians been polled. The credibility interval will be wider among subsets of the population.
About CIBC
CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.
SOURCE CIBC
For further information: Katarina Milicevic, CIBC Communications & Public Affairs, [email protected] or 416-362-3458
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