One sector that has been especially hard hit by the pandemic is the travel industry. Whether that is airlines, hotels or venues, the past year has been a nightmare. But those players who survive may be in for an avalanche of business when this thing is over.
A survey by RBC Insurance that asked Canadians between 55 and 75 about their finances through the pandemic found that many are saving a lot more because they have fewer places to spend it. This is a demographic that has always travelled and haven’t had been able to …so the money they would have spent on those vacations is now in savings.
Virtually all of them are holding that money for future travel and entertainment spending, meaning there will be tidal wave of demand for vacation spots when the ‘all clear’ is sounded after COVID.
Interestingly, another big chunk of the money they didn’t spend on holidays in the past year has been earmarked for others….topping that list is helping family and friends financially followed by building a family legacy and charitable giving.