As inflation continue to force Canadians to reassess their budgets and make difficult decisions, a new survey says an astonishing trend is emerging: travel is being prioritized at the expense of essential spending, including on groceries.
Montreal-based online retailer FlightHub, conducted a national survey of 2,000 Canadians, who have flown at least once in the last two years, which revealed that close to half (48%) have made cuts to their budget in order to take a trip they wouldn’t have been able to afford otherwise.
At the same time, 57% said they have had to cut non-essential expenses to afford a trip this year.
Moreover, Canadians are willing to incur debt and reduce their grocery expenses in order to travel, with over a quarter of recent travellers have previously incurred debt in order to afford a holiday.
Travel: an increasingly essential expense
Despite being perceived as non-essential, travel has become a relatively protected expense for Canadians, says FlightHub. According to the survey, more than one in four Canadians (28%) who cannot afford to travel have resorted to financing their trips using credit cards.
This practice contrasts with the decrease in essential daily expenses such as groceries. In fact, 41% of Canadians, regardless of age, who have tightened their belts for a trip, stated that they reduced their daily grocery expenses to afford a travel experience they wouldn’t have been able to enjoy otherwise.
Furthermore, on a national scale, 57% of Millennials have made compromises to fulfil their desire to escape, such as reducing outings to restaurants, theatres, or concerts. Generation Z stands out as well, with 69% of them willing to make concessions, such as working extra hours, to make their travel dreams a reality.
Marc Ghobriel, CFO of FlightHub, adds: “This year, we are seeing a number of changes in travel behaviour among our customers. Generation Z, for example, is booking more flights than Boomers, and is more attracted to international destinations such as Manila, London, and Paris.”
FlightHub CEO Chris Cave adds, “Even amidst challenging economic times, the desire to explore and connect with the world remains a fundamental aspect of the human spirit. Travel has the remarkable ability to transcend financial concerns, providing a unique and enriching experience. Travel is an investment in oneself…”