Canadians spent less on travel this holiday season amid inflation, recession worries for 2023
A year-end ballot run by Leger has discovered {that a} quarter to a 3rd of Canadians reported spending much less on vacation bills this yr than in 2021, as larger inflation and a possible recession tops the listing of Canadians’ biggest worries for 2023.
The December Leger survey, performed on behalf of BNN Bloomberg and RATESDOTCA, requested 1,526 Canadians about their vacation bills this yr, in addition to Canadians’ impression of 2022 as an entire and their outlook for 2023.
Canadians had been usually extra more likely to report spending across the identical as final yr on vacation bills in comparison with those that spent extra or spent much less, starting from 26-49 per cent relying on the class.
However, spending much less was much more widespread than spending extra.
A 3rd of Canadians stated they had been spending much less on journey this yr in comparison with in 2021, with solely 26 per cent saying they had been spending across the identical and 11 per cent reporting they had been spending extra.
Respondents may choose {that a} class both didn’t apply to them or that they don’t know, with journey and alcohol being the 2 sections that had the biggest chunk of those solutions.
The class with the biggest share of Canadians saying they’d spend extra this yr was meals, with 19 per cent reporting they had been spending greater than in 2021 — nonetheless far lower than the 49 per cent who stated they had been spending across the identical and the 26 per cent who stated they had been spending much less.
Just seven per cent of Canadians surveyed stated they had been spending extra this yr on leisure, in comparison with 40 per cent who stated they had been spending across the identical and 35 per cent who reported spending much less on leisure than in 2021.
Those aged 55 plus had been usually the least more likely to report spending extra on any class of vacation spending this yr, with these aged 18-34 being the most definitely to spend extra in comparison with 2021.
Around 15 per cent of these aged 18-34 stated they had been spending extra on leisure this yr, for example, in comparison with simply two per cent of these aged 55 plus.
In basic, respondents from Quebec had been the least more likely to report spending lower than 2021 throughout all classes. For occasion, within the class on internet hosting family and friends, all different provinces included had a share starting from 30-35 per cent who chosen that they had been paying much less, whereas solely 20 per cent of respondents from Quebec chosen that choice.
Around 45 per cent of Albertans stated they had been spending much less on presents and journey this yr, in comparison with the nationwide common of 33 per cent for each classes.
The survey additionally included comparisons to 1,000 Americans who had been requested the identical questions.
Across the board, Canadians had been extra more likely to report spending much less on vacation spending this yr than Americans. The largest distinction was in leisure spending, the place 35 per cent of Canadians stated they had been spending much less in comparison with simply 23 per cent of Americans surveyed.
2022 VERSUS 2023 — CONCERNS FOR THE FUTURE
Just below a 3rd of Canadians surveyed reported that they discovered 2022 worse than 2021, with 21 per cent saying it was higher and 46 per cent stating it was across the identical.
There was a transparent relationship between age and notion of the yr. Those aged 18-34 had been extra more likely to report it was higher than 2021, at 27 per cent, and fewer more likely to report it was worse, with 21 per cent. On the alternative finish of the dimensions, simply 17 per cent of these aged 55 plus stated 2022 was higher than 2021, whereas 35 per cent stated it was worse than 2021.
However, Canadians had been extra more likely to be optimistic than pessimistic for the general future. Around 34 per cent stated they believed 2023 can be higher than 2022, with 40 per cent stating they believed it will be across the identical and 22 per cent believing will probably be worse.
Age performed an analogous function on this query, with youthful Canadians displaying considerably extra optimism. Around 43 per cent of these aged 18-34 stated they thought 2023 can be higher, in comparison with 27 per cent of these aged 55 plus, with 15 per cent of 18-34 yr olds selecting the pessimistic choice in comparison with 27 per cent of these aged 55 years and older.
When requested what they had been nervous about for 2023, the 5 classes that garnered probably the most fear had been larger inflation/rates of interest (86 per cent), an financial recession (81 per cent), the warfare in Ukraine increasing (72 per cent), catastrophic climate occasions spurred by local weather change (68 per cent), and using nuclear weapons (66 per cent).
When respondents had been requested to decide on one high fear as their biggest, 44 per cent selected larger inflation, whereas 31 per cent selected a recession, and 15 per cent selected climate occasions associated to local weather change.
Albertans had been the most definitely to pick larger inflation or a recession as their highest fear, with 56 per cent and 45 per cent respectively, and the least more likely to have local weather change-related excessive climate as a high fear, with simply 5 per cent choosing that choice.
The province with the bottom share who chosen larger inflation as a high fear was Quebec, at 32 per cent. Quebec additionally had the best share of respondents who listed local weather change-related climate as their high concern, at 23 per cent.
Compared to the U.S., Canadians had been extra more likely to listing climate spurred by local weather change as a high concern for 2023, at 15 per cent in comparison with 10 per cent, and had been extra more likely to listing the growth of the warfare in Ukraine as a high concern, at 11 per cent in comparison with 4 per cent.
Canadians reported larger percentages of fear throughout most classes in comparison with Americans, however extra Americans reported worrying about worsening discrimination in 2023 (21 per cent in comparison with 17 per cent), political upheaval of their space (36 per cent in comparison with 30 per cent) and their civil rights being violated (48 per cent in comparison with 39 per cent).
METHODOLOGY
This survey was accomplished by 1,526 Canadians 18 years or older between December 9 and 12, 2022, utilizing Leger’s on-line panel. There is not any margin of error offered as a result of an internet survey isn’t thought-about a very consultant pattern. For comparative functions, although, a chance pattern of 1,526 respondents would have a margin of error of ±2.5 per cent, 19 instances out of 20.
With recordsdata from BNN Bloomberg
