CIBC Poll: Affordability concerns shaping 2025 holiday travel plans
MWN-AI** Summary
A recent CIBC poll reveals that nearly 80% of Canadians perceive travel as less affordable than five years ago, significantly influencing their holiday plans for 2025. With financial constraints at the forefront, more than 62% of respondents plan to forgo travel this season, primarily due to budget limitations (31%) and a focus on saving (22%). This marks a slight decline in those looking to travel compared to 2024, dropping from 41% to 38%.
Among those who will travel, the trend indicates a shift towards domestic adventures. Younger travelers, particularly Gen Z, are spearheading this change, with half expressing intentions to travel, compared to only 26% of Baby Boomers. The favored destinations include a mix of local and provincial trips, with only 12% planning to venture abroad. Furthermore, 18% of holiday travelers plan to utilize credit card rewards points to mitigate travel expenses.
Carissa Lucreziano, CIBC's Vice-President of Financial Planning and Advice, notes that Canadians are demonstrating resilience and adaptability during this holiday season. The emphasis is on connection and comfort while making prudent financial decisions. To assist, CIBC offers budgeting tips, emphasizing the importance of setting realistic spending limits, leveraging rewards, planning ahead, and considering advice from financial professionals.
Overall, this festive period is characterized by a conscious approach to spending, where connection and meaningful experiences take precedence, whether through local travel or home gatherings. CIBC remains committed to supporting Canadians in achieving their financial goals amidst changing travel dynamics.
MWN-AI** Analysis
The recent CIBC poll highlights significant shifts in Canadians' holiday travel plans, driven by growing affordability concerns. With 79% of Canadians noting that travel has become less affordable over the past five years, families are gravitating towards local adventures, with 62% opting to refrain from travel this holiday season. This trend underscores a broader economic reality characterized by tightened budgets and a heightened focus on saving.
The data reveals a nuanced picture: while overall travel intentions have dipped slightly—from 41% in 2024 to 38% in 2025—younger demographics, particularly Gen Z, remain eager to explore, with travel interest much higher than that of older generations. Canadians are shifting their focus from international destinations to more accessible, domestic options, reflecting both economic prudence and a desire to maintain connections without incurring high costs.
For those planning to travel, utilizing credit card rewards points is increasingly popular, with 18% of travelers intending to leverage these to alleviate expenses. This behavior indicates a strategic approach to budgeting, emphasizing the importance of making financial choices that align with holiday aspirations.
Investors and businesses should note these trends as they signal evolving consumer behavior. Retail and service sectors may want to cater to more budget-conscious consumers, promoting value-oriented packages that enhance the local travel experience. Companies in the travel and hospitality sector can benefit by focusing on domestic offerings and emphasizing affordability in their marketing strategies.
As Canadians prioritize connection and comfort during the holiday season, prudent budgeting and financial planning plays a crucial role in enabling these experiences. This context presents an opportunity for financial institutions to engage with customers on effective budgeting strategies, reinforcing the need for sound financial advice in navigating these challenging economic times.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Canada NewsWire
Local adventures and homegrown holidays take centre stage this holiday season
TORONTO, Dec. 17, 2025 /CNW/ - According to a new CIBC poll, 79% of Canadians say that travel has become less affordable over the last five years, and with cost concerns continuing to shape spending decisions, more families are choosing to stay closer to home this holiday season.
More than six in 10 of those polled (62%) are choosing not to travel this holiday season, with 31% citing budget limitations and 22% saying they are prioritizing saving.
Despite affordability concerns, nearly four in 10 (38%) of Canadians do plan to travel this holiday season, marking a slight dip compared to last year (down from 41% in 2024). Younger Canadians, particularly Gen Z, are leading the way, being twice as likely to travel compared to Boomers (50% vs. 26%). Of those planning to travel, fewer are focused on international trips, and many are increasingly opting for domestic adventures closer to home.
"Canadians are showing both resilience and adaptability this holiday season, and whether its travelling within the country or gathering at home, the focus is on connection, comfort, and making smart financial choices " said Carissa Lucreziano, Vice-President, Financial Planning and Advice at CIBC. "As Canadians navigate their holiday plans, we're here to help them celebrate and budget for what matters most."
Travel destinations for holiday 2025
- 12% plan to head abroad
- 13% will travel within Canada
- 19% are planning trips within their own province
Notably, almost one in five (18%) travellers plan to use credit card rewards points to help cover holiday travel expenses.
Making the Most of the Holidays: Budgeting Tips from CIBC
As Canadians navigate holiday plans, smart budgeting is more important than ever.
- Set a Realistic Budget: Review your holiday plans and set a clear spending limit for travel, accommodation, and activities to avoid overspending.
- Leverage Rewards and Points: Use accumulated credit card rewards or loyalty points to offset travel costs where possible.
- Plan Ahead and Compare: Book early and compare options to find the best deals on flights, accommodations, and insurance.
- Speak with a Financial Advisor: Consider consulting with a financial advisor to help budget for holiday expenses and plan for future financial goals.
This festive period is being defined by a focus on what matters most: connection, comfort, and conscious spending. CIBC is committed to helping Canadians achieve their ambitions, whether they're travelling or celebrating at home.
Disclaimer
The findings are from an Ipsos poll conducted between Oct 1st to 9th, on behalf of CIBC. For this survey, a sample of 1,500 Canadians aged 18+ were interviewed online. The sample was sourced from the Ipsos panel. The poll is accurate to within ±3.1 percentage points, 19 times out of 20, had all Canadians been polled. The credibility interval will be wider among subsets of the population.
Data from last year was obtained from an Ipsos poll conducted between November 8th to 15th, 2024. Consistency in the sample size and weighting across both polls ensures data comparability over time.
About CIBC
CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre
SOURCE CIBC
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FAQ**
How might the findings from the CIBC Poll impact the strategic planning of Canadian Imperial Bank Of Commerce CM:CC regarding travel and hospitality financing options in 2026?
Considering that 6of Canadians are choosing not to travel this holiday season, how will Canadian Imperial Bank Of Commerce CM:CC adapt its services to support budget-conscious consumers?
With nearly 38% planning to travel and a focus on domestic trips, what marketing strategies could Canadian Imperial Bank Of Commerce CM:CC implement to attract these travelers?
How can Canadian Imperial Bank Of Commerce CM:CC leverage the trend of using credit card rewards points as highlighted in the CIBC Poll to enhance customer engagement during the holiday season?
**MWN-AI FAQ is based on asking OpenAI questions about Canadian Imperial Bank of Commerce (NYSE: CM).
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