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The holidays are here, but for many Canadians, the thought of traveling doesn’t seem appealing. Financial pressures due to inflation and rising costs of living have made travel plans difficult to justify, according to a recent study by Allianz Global Assistance Canada. The study found that 60% of Canadians plan to skip traveling this year, citing financial considerations as the primary barrier.
Household wealth in Canada has reached a staggering $17.3 trillion, marking its seventh consecutive increase over the past eight quarters. This growth is part of a broader trend where household net worth has ballooned by nearly $1.9 trillion since 2015, driven largely by rising assets such as stocks and real estate.
Despite these challenges, experts warn that the desire to travel remains strong among Canadians. A survey by Postmedia revealed that 66% believe an annual vacation is crucial for mental well-being, though only 29% are planning revenge travel this year—down from 21% in 2022 and 23% in 2023.
The Canadian household wealth growth has also been fueled by a decline in the gap between variable and fixed rate mortgages. This shift could have implications for investors looking to capitalize on these changes, as seen in recent market movements.
As holiday shopping begins, consumers are grappling with inflationary pressures that make even essential purchases feel costly. From black Friday sales to ticket resales generating thousands of dollars in profits, the economic landscape is anything but serene.
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