According to a new CIBC poll, 79% of Canadians say that travel has become less affordable over the last five years, and with cost concerns continuing to shape spending decisions, more families are choosing to stay closer to home this holiday season.

More than six in 10 of those polled (62%) are choosing not to travel this holiday season, with 31% citing budget limitations and 22% saying they are prioritizing saving.

Despite affordability concerns, nearly four in 10 (38%) of Canadians do plan to travel this holiday season, marking a slight dip compared to last year (down from 41% in 2024). Younger Canadians, particularly Gen Z, are leading the way, being twice as likely to travel compared to Boomers (50% vs. 26%). Of those planning to travel, fewer are focused on international trips, and many are increasingly opting for domestic adventures closer to home.

"Canadians are showing both resilience and adaptability this holiday season, and whether its travelling within the country or gathering at home, the focus is on connection, comfort, and making smart financial choices " said Carissa Lucreziano, Vice-President, Financial Planning and Advice at CIBC. "As Canadians navigate their holiday plans, we're here to help them celebrate and budget for what matters most."

Travel destinations for holiday 2025

Notably, almost one in five (18%) travellers plan to use credit card rewards points to help cover holiday travel expenses.

Making the Most of the Holidays: Budgeting Tips from CIBC

As Canadians navigate holiday plans, smart budgeting is more important than ever.

This festive period is being defined by a focus on what matters most: connection, comfort, and conscious spending. CIBC is committed to helping Canadians achieve their ambitions, whether they're travelling or celebrating at home.

DisclaimerThe findings are from an Ipsos poll conducted between Oct 1st to 9th, on behalf of CIBC. For this survey, a sample of 1,500 Canadians aged 18+ were interviewed online. The sample was sourced from the Ipsos panel. The poll is accurate to within ±3.1 percentage points, 19 times out of 20, had all Canadians been polled. The credibility interval will be wider among subsets of the population.

Data from last year was obtained from an Ipsos poll conducted between November 8th to 15th, 2024. Consistency in the sample size and weighting across both polls ensures data comparability over time.

About CIBCCIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre

SOURCE CIBC

SOURCE: CIBC

SOURCE: Canadian Imperial Bank of Commerce

For further information: Deb Rowe, deborah.rowe@cibc.com, 416-586-7019

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