Pax Global Media
A new survey released by Allianz Global Assistance Canada shows that four in ten Canadians are planning to escape the cold and take a vacation this winter.
The insurance provider’s sixth annual Winter Vacation Confidence Index Survey reveals that consumer confidence is on the rise and that Canadians plan to spend more on travel than ever before.
The survey was conducted online by Ipsos in November 2022.
According to the study, forty-three per cent of Canadians intend on taking a vacation this winter, which is up from just 32 per cent in 2021.
“With travel volumes nipping at the heels of pre-pandemic levels, an overwhelming majority – 84 per cent – of travellers feel they desperately need a vacation this year,” said Dan Keon, vice-president, marketing and insights at Allianz Global Assistance Canada.
“A major driver of this ongoing travel comeback is the continued desire for revenge travel, with half of Canadians intending to unapologetically make up for lost vacation time that was postponed due to the pandemic.”
Despite rising travel costs, over half of travellers surveyed say they will be using their pandemic savings on a vacation this year.
Consequently, the average anticipated winter vacation spend has increased by 20 per cent to $3,193 since 2021.
Overall, Canadian households are projected to spend around $14.3 billion on vacations in the upcoming year, eclipsing the pre-pandemic high recorded in Allianz’s 2019 annual survey.
While pent-up demand is driving up spending, financial worries may be tempering the increase as 57 per cent of travellers shared they will be scaling back vacation plans this year due to inflationary pressures.
Looking ahead to the next twelve months, six in ten Canadians are confident they will take a holiday – up eight points since last year. But it’s still shy of pre-pandemic levels, Allianz says.
Continued concerns about the possibility of COVID-19 impacting travel plans is a likely contributor, as expressed by six out of ten respondents.
With both financial and pandemic considerations impacting travellers, Allianz is reminding travellers to plan ahead with travel insurance to protect their travel investments and themselves on their next trip.
“The pandemic has continued to expose the unpredictability of travel and the peace of mind travel protection can bring, as shown by the 74 per cent of Canadians who think travel insurance is equally or more important than before the pandemic,” added Keon.
“As Canadians continue to increase their vacation confidence and venture beyond our borders, we remain committed to being with them every step of the way and ready to help them in the moments that matter most with valued-added travel insurance and assistance services.”
More insights from the survey include:
- After dipping during the pandemic, 69 per cent of Canadians are exhibiting renewed attitudes on the importance of an annual vacation (up six points since 2021).
- Out of those who find annual vacations important, 79 per cent are confident they will take one in the next year.
- Younger Canadians aged 18-34 are leading the resurgence in winter travel (55 per cent), while those aged 55+ are much less likely to travel (30 per cent).
- Roughly one half (57 per cent) of travellers say they’re scaling back on vacation plans this year and 37 per cent say they can’t really afford a vacation this year.
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