Vacation spending to jump 20%

More than half (57%) of Canadians plan to travel this summer and will spend an average of $1,925, a 20% increase over last year, according to a CIBC poll.

Read: 6 staycation tips for clients

Key findings:

• 57% of Canadians surveyed are taking a vacation during July and August, similar to the 56% finding from the same poll last year.
• Among those planning a summer vacation:
  • 65% plan to vacation within Canada, down from 73% last year
  • 26% are visiting the U.S., comparable to 25% in 2013
  • 17% are travelling outside of Canada or U.S., up from 9% last year
  • Families with children are somewhat more likely to take vacation this summer (70%) than those with no children (51%), and it will cost them more, averaging $2,300

Also read:

Canadians plan summer splurge

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Help a client without travel insurance

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.