Canadians are planning to spend an average of $3,825 on summer vacations this year, according to a new report.
More than three quarters (77 percent) of Canadians are planning to travel this summer, with an average spending budget of $3,825 to spend on flights, accommodations, rentals, gas, and food, according to a July 3 report from the Bank of Montreal (BMO).
“Despite economic pressures, Canadians are still planning on making the most of their summer through meaningful experiences such as travel and celebrations with loved ones,” BMO’s head of specialized sales, Anthony Tintinalli, said in a July 3 news release.
While 62 percent plan on spending the same amount or more on summer travel compared to last year, 55 percent have altered their vacation plans due to increasing costs and inflation, the report indicates….