Despite soaring inflation, economic uncertainties, and the ever-rising cost of living, Canadians seem to be saying one thing loud and clear this summer: we’re not giving up on making memories.
According to a recent Bank of Montreal (BMO) report, over three-quarters of Canadians (77%) are packing their bags and heading out on summer getaways, budgeting an average of $3,825 for their travels. That figure covers everything from flights and accommodations to gas and food. While that’s no small sum, it’s clear that many Canadians are choosing to prioritize experiences, even if it means making some sacrifices along the way.
And sacrifices they are indeed making. The report shows that 46% have cut spending throughout the year just to afford their vacations, and a staggering 32% have dipped into long-term savings. That’s a tough pill to swallow, especially when the future is looking more unpredictable than ever. But there’s something deeply human about this choice: a collective yearning to reclaim joy, connection, and normalcy after years of upheaval.
The numbers paint a fascinating picture of this emotional tug-of-war. On one hand, 62% of people say they plan to spend the same or more on travel this year compared to last. On the other, 55% admit they’ve already adjusted their plans due to inflation and cost pressures. These stats reveal a country doing mental gymnastics—trying to hold onto the rituals and rewards of summer while grappling with financial anxiety.
It’s no surprise then that 59% plan to stay within Canada to stretch their dollars. With the loonie not going very far abroad these days, staycations and local road trips are becoming the practical, if less glamorous, answer to our wanderlust.
But it’s not just travel where Canadians are navigating a new spending reality. The report digs into other areas like weddings, special events, and home improvements—and the results tell a story of cautious spending. Over half (54%) won’t be spending on weddings this summer, and nearly half have no plans for graduations or family celebrations. Summer camps and childcare are getting cut too, with only 29% maintaining their usual budget for those.
What does remain consistent, though, is the desire to squeeze every last drop of joy out of the season, even if it means leaning heavily on loyalty programs like Air Miles. Over half (52%) of Canadians say they’ll use rewards points for groceries, while a quarter plan to use them for travel, and others will redeem them for entertainment, bills, and family events.
This isn’t reckless spending. It’s intentional. It’s people trying to keep some lightness in their lives, even as the weight of inflation and economic uncertainty presses down. It’s a bet on the idea that a summer well-spent—full of family barbecues, road trips, backyard renovations, and maybe a few weddings—will pay off in memories that outlast the credit card statements.
So yes, Canadians are making trade-offs this summer. But they’re not giving up on joy. And in a world where so much feels out of our control, maybe that’s exactly the kind of resistance we need.
