Travel means so much to some Canadians that one in 10 are willing to skip their housing payments to do so, according to a recent Flight Centre Travel Group survey. And while those decisions may be hopeful for the travel business, it’s also a risky financial strategy that warrants caution, admits the travel company.
“It’s pretty amazing to see just how much people value travel,” says Flight Centre Canada Executive VP Chadd Andre. “Sure, skipping out on rent or a mortgage payment to go on a trip isn’t something we’d recommend – it’s pretty risky, after all. But, it really highlights a bigger picture: to Gen Z and Millennials, travel means a lot.”
Andre adds, “They’re looking for more than just the daily grind of work and paying bills. They see travel as part of their life’s story – they’re out there seeking experiences that turn into a lifetime of core memories.”
Conducted by YouGov, the survey revealed 10% of Canadians prioritize travel desires over rent or mortgage payments. However, Canadians, particularly those aged 18-40, also demonstrate a unique balance of wanderlust and resilience, choosing to strategically navigate and adjust their finances rather than forgoing travel experiences altogether.
But in an era where financial tightening is commonplace, about three quarters of younger Canadians (61%) surveyed are resolute about travelling within the next 12 months, signifying a non-negotiable aspect of their lifestyle choices in uncertain economic times.
This significant revelation is part of a broader pattern, which spotlights a demographic deeply invested in their travel pursuits despite the harsh realities of inflation and the rising cost of living. Nearly half (45%) of younger Canadians are planning to take at least one vacation this year, with a further 11% planning to jet off three times or more. Of those, 42% expressed their plans to budget more carefully than on previous trips.
More than three quarters (82%) say they will budget their travel plans by:
- Looking for exclusive deals and discounts (39%)
- Choosing budget-friendly accommodations (36%)
- Exploring local or domestic destinations (33%)
However, not all Canadians surveyed are financially responsible about it. Of the 10% who admitted to neglecting their rent or mortgage payments to accommodate vacation costs, men were more likely as women to engage in the risky financial strategy (12% versus 7% in females).
Given that travel planning and budgeting are top of mind, Andre stresses the merit of booking through seasoned travel consultants. “Now, more than ever, it’s crucial to have expert advice to secure the absolute best value on all aspects of a vacation, from airfare and accommodation to experiences, car rentals, and insurance.”