It’s an ill wind that blows no good, according to a saying dating back to the 1500s. And that might be the case for the tourism industry in this province.
A survey conducted for CIBC asked Canadians how they were coping with inflation and the rising cost of living, particularly when it came to their summer vacation plans. The majority said they were going to enjoy a summer holiday, even in the face of tighter budgets but they were going to be more cost conscious.
First, they planned to cut day-to-day spending a bit to create room for a holiday. And then they’d curate their vacation plans carefully by staying in Canada or, even better, close to home. That response from 70-percent of those surveyed is good news for the local tourism industry …it costs a lot less to lure locals to the businesses than trying to bring them in from other countries.
But the primary financial measure for Canadians as we get into the summer is to put saving money ahead of spending. 80-percent of the respondents said the cost of living is causing them to change their overall spending habits.
