Financial barriers to travel

In the short term, many Canadians are opting to stay home for the holidays, with only 17% planning out-of-province travel during the holiday season. This decline aligns with continued financial pressures, as 38% of Canadians cite high travel costs as their main holiday travel concern.

Looking ahead to 2025, 60% of Canadians plan to travel next year – down 10 points from 2024. Among those not planning to travel, financial considerations continue to be the main barrier at 60%.

In addition to financial concerns, the survey results indicate Canadians' desire to make up for lost travel time following the pandemic may finally be waning, with 29% of travellers expressing a desire for "revenge travel" this year – down 10 points from 2023 and 21 points from 2022.

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Travel remains important to Canadians

Although Canadians are scaling back, the study reveals a strong desire to travel despite these barriers, with 66% of Canadians stating that an annual vacation is important to them.

With financial concerns top of mind, travel insurance continues to play a vital role in the trip planning process, with two thirds of Canadians intending to purchase travel insurance for their next trip abroad.

Additionally, nearly 90% of travellers intend to secure some form of travel coverage for upcoming travel, including through work benefits, credit card coverage or some other means.

Survey methodology

The Vacation Confidence Index is based on an Ipsos survey conducted from November 1 to 6, 2024, among a representative sample of 2,001 Canadian adults. The study examines year-over-year trends in vacation intentions, barriers and the evolving role of travel insurance in Canadians' travel plans.

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Nicholas Sokic Contributor

Nicholas completed his master's in journalism and communications at Western University. Since then, he's worked as a reporter at the Financial Post, Healthing.ca, Sustainable Biz Canada and more. Aside from reporting, he also has experience in web production, social media management, photography and video production. His work can also be found in the Toronto Star, Yahoo Finance Canada, Electric Autonomy Canada and Exclaim among others.

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