One in four Canadians say that their March break travel plans have been affected by the lower Canadian dollar, and those who do still plan on travelling now expect to spend an average of $2,600, up from about $2,300 last year.
A CIBC poll has found that 26% of the Canadians who intend to go on holiday this March break say their plans have been affected by the Loonie's decline. Asked what they intend to do to mitigate the low exchange rate, 28% of travellers said they will need to find a way to save more money for their trip, 25% said they will travel closer to home, 24% decided to cancel their trip altogether, while 19% will still be travelling outside Canada but have scaled back their spending.
The poll also revealed that just 35% of travellers are headed to US or international destinations this March, compared to 56% in last year's poll. CIBC notes that only 20% of travellers are going to the United States, which is down from 35% last year, and that the number of people going to international destinations has decreased to 15% from 21% of travellers in 2014.
"With winter this year seeming to drag on forever in many parts of the country, Canadians on average are willing to spend more to get away," comments CIBC vice president Steve Webster. "But given the decreased value of the Canadian dollar, it's not surprising fewer people are planning to travel to the US or internationally, where they will get less bang for their buck."