CIBC Summer Travel Poll: Canadians spending 20% more this year on their summer vacations

Canadians spending $1,925 on average for their summer getaway, up from $1,600 last year: Top Canadian destinations include Toronto, Vancouver and Calgary

TORONTO, June 26, 2014 /CNW/ - A CIBC (TSX: CM) (NYSE: CM) poll conducted by Leger shows that 57 per cent of Canadians plan to travel this summer and will spend an average of $1,925 on their summer vacation - a significant 20 per cent increase from $1,600 last year. Nearly two-thirds of Canadians are planning to spend that money here in Canada, although a near doubling in the number of Canadians travelling abroad means that Canadians are spending more on average for summer travel this year.

Key findings of the poll include:

• 57 per cent of Canadians surveyed are taking a vacation during July and August, similar to the 56 per cent finding from the same poll last year.
• Among those Canadians planning a summer vacation:
• They intend to spend an average of $1,925 on their summer vacation in 2014, up from $1,600 last year
• 65 per cent are planning to vacation within Canada, down from 73 per cent in last year's poll
• 26 per cent are visiting the U.S., comparable to 25 per cent in 2013
• 17 per cent are travelling outside of Canada or U.S, up from 9 per cent last year
• Families with children are somewhat more likely to take vacation this summer (70 per cent) than those with no children (51 per cent) - and it will cost them more, with an average cost of $2,300

New and emerging travel trends

"With summer officially upon us and Canada Day celebrations just days away, summer vacation travel plans are top of mind for Canadians," says Steve Tyers, Vice President, Products & Payments, CIBC. "The travel industry is seeing some interesting trends emerging with clients booking their summer travel this year."

• New and emerging travel industry trends include glamping (glamorous camping), pet friendly travel, adventure honeymoons, culinary tours and technology detoxes (unplugged vacations)
• Multigenerational travel is on the rise - baby boomers are planning more family travel, related to milestone events with their parents, children and grandchildren

Popular destinations by air include big cities

"This year Canadians say they're travelling a little further afield and spending more, although some will also use rewards such as travel points to help with expenses," says Mr. Tyers.

While many Canadians will take a road trip or go camping closer to home this summer, many will also take to the air for their getaway.

Based on travel rewards redemptions in CIBC's popular Aventura travel rewards loyalty program, top destinations booked recently include:

• Within Canada: Toronto, Vancouver and Calgary
• In the U.S: New York, Orlando, and Hawaii
• Internationally: London, Rome, Paris, Cape Town and Hong Kong

CIBC offers the following tips to help make your vacation stress-free:

"While most travelers plan for the fun factor in their vacations, not everyone prepares for the issues that can take the fun out of your getaway," adds Mr. Tyers.  "Look for protection to help make your vacation stress-free. For example, use a travel rewards credit card that offers insurance coverage, and be sure to understand what you are covered for before you go."

1. Ensure you have coverage when you travel in the event you need medical attention
• Check with your credit card company to understand the benefits available on your card - some travel reward credit cards offer travel medical, trip cancellation and trip interruption insurance.
2. Stay on budget while on vacation
• Reduce your spending by using credit card travel loyalty points to help pay for hotels, rental cars, flights, and other travel expenses.
• Use free budgeting tools such as CIBC CreditSmart - to set budgets and receive alerts if you exceed your budget.
3. Keep your money or credit cards safe while travelling
• Bring a back-up form of payment when travelling in the event you lose your cash or cards.
• Store your cash and cards separately, and have important phone numbers written down in the event you lose your cards.

KEY POLL FINDINGS

Among Canadians planning to take a vacation this summer, average amount they plan to spend, by region:

Among Canadians planning to take a vacation this summer, destinations that they plan to travel to, by region*:

* Totals add up to more than 100 per cent as some respondents indicated they were taking more than one vacation.

Results are based on a CIBC poll conducted online by Leger, which surveyed 1,500 Canadians. The associated margin of error for a probabilistic sample of the same size is +/-2.53%, 19 times out of 20. Polling was conducted between June 2 and 5, 2014.

About CIBC

CIBC is a leading North American financial institution with nearly 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, and has 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.

SOURCE: CIBC