- Over 50% of Canadians aged 18-34 plan domestic spring travel.
- Older demographics favor international destinations (58% aged 35-54, 70% aged 50+).
- Popular domestic spots include Banff, Vancouver, and Toronto.
- Top credit card preferences: Travel rewards points (45%), travel insurance (44%), and no foreign transaction fees (14%).
Ontario, Canada–A new survey conducted by Scotiabank reveals that millennials and Gen Zs are finding creative ways to spend on travel this spring, despite the ongoing crunch caused by the pandemic.
The survey polled over 1,500 Canadians and found that over 50% of respondents aged 18-34 planned to travel this spring, opting for domestic destinations due to possible economic hurdles and mandatory vaccination to enter the US.
“In anticipation of March Break and the spring travel season, we’re seeing a strong desire from Canadians from coast-to-coast wanting to get out and explore the world again,” said Laura Scheck, Vice President of Credit Cards at Scotiabank, in a press release.
Furthermore, one in four (23%) Canadians planned on vacationing this spring, with another 17% considering some form of travel. The survey showed that 58% of Canadians aged 35-54 and 70% of people aged 50 and above are looking at an international destination.
Overall, 53% of the survey population want to go abroad, while 42% prefer to travel within Canada. Among those planning to travel domestically, Banff, Vancouver, and Toronto were found to be the most popular destinations.
Credit Card Preferences for Travel
The survey also asked respondents about the features they felt a credit card must have.
Among those planning on using their credit card for this year’s spring trip, 45% said they looked forward to accumulating travel rewards points, while 44% sought travel insurance coverage.
14% preferred a ‘no foreign transaction fee’ feature, 10% looked for a card that came with airport lounge access, and 14% of the respondents cited other features.
“With so many credit cards on the market, it’s critical to offer something to Canadians for all their travel needs, including flexible ways to earn and redeem points, travel insurance, no foreign transaction fees, airport lounge access, and beyond,” said D’Arcy McDonald, Senior Vice President of Retail Payments and Unsecured Lending at Scotiabank in the release.
In short, the survey suggests that younger Canadians are finding ways to make traveling a priority despite financial constraints. By leveraging rewards points, alternative accommodations, and focusing on experiences over material possessions, they can satisfy their wanderlust while managing their finances responsibly.
What We Think
The survey data illustrates the adaptability of younger Canadians in prioritizing travel despite financial constraints.
It highlights a shift towards domestic exploration and the importance of versatile credit card features catering to travel needs. This emphasizes the significance of financial flexibility and prudent planning for travel, particularly in uncertain times.
The emphasis on experiences over possessions signifies a changing mindset where individuals seek fulfillment through exploration while managing their finances responsibly.