Inflation Pinching Canadians’ Summer Plans
SAINT JOHN–A new CIBC poll finds Canadians are enjoying summer but inflation is weighing heavily on their minds.
Eighty percent of those polled are concerned about the impact inflation will have on their summer plans. Canadians expect to spend approximately $1,900 this year on summer activities, which is an increase of $400 from 2021.
Most of those surveyed say named inflation as the leading cause of the increase.
Typical summer spending includes:
- Every day items such as groceries and gas;
- Dining out;
- Travel;
- Renovations and landscaping;
- Home or cottage expenses.
Sixty-two percent say they are finding it harder than ever to save money.
As for the top strategies Canadians plan to implement, 36 percent plan to coupon or actively look for deals, 33 percent plan to adhere more strictly to a budget, and 30 percent plan to switch from using brand name products to lower-cost options.
Eighty-one percent of Canadians polled expect everyday items, such as groceries, to be a top spending category this summer.
Seventy-two percent are cautious about the activities they plan to enjoy this summer.
Forty-one percent intend to fund their summer spending through their regular paycheck, and 34 percent of people stick to their budget very closely.
Tara Clow is the news director with 91.9 The Bend in Moncton, a Huddle content partner.