Young Canadians Prioritizing Travel: Scotiabank Study

Young Canadians Prioritizing Travel: Scotiabank Study

March 9, 2023 ctn_admin

Young Canadians are prioritizing traveling this spring, despite dull economic outlook. Even as the economic outlook is far from sunny, Canadians aged 18-34 (42%), 61% of Gen Z and a third of Millennials (32%) plan to travel this spring according to a new Scotiabank survey.

Overall, nearly one-in-four Canadians (23%) say they’re planning to vacation this spring, with another 17% considering travel. Among those officially planning a trip, the majority want to venture internationally (53%), while 42% plan to stay within Canada’s borders. What’s more, younger Canadians (aged 18-34) are mostly looking to travel domestically (53%), while Canadians aged 35-54 (58%) and 55+ (70%) are looking at an international destination.

“In anticipation of March Break and the spring travel season, we’re seeing a strong desire from Canadians from coast-to-coast wanting to get out and explore the world again,” said Laura Scheck, Vice President of Credit Cards at Scotiabank.

When asked of the following four main features which one they consider a must for a travel credit card, survey respondents planning on using their credit card to pay for an upcoming spring trip cited they would take most advantage of redeeming points towards the cost of the trip (45%), travel insurance benefits (44%), no foreign transaction fees (14%), and airport lounge access (10%), while 14% of respondents cited other features.

“With so many credit cards on the market, it’s critical to offer something to Canadians for all their travel needs, including flexible ways to earn and redeem points, travel insurance, no foreign transaction fees, airport lounge access and beyond,” said D’Arcy McDonald, Senior Vice President of Retail Payments and Unsecured Lending at Scotiabank.

Other highlights from the 2023 Scotiabank Spring Travel Poll:

Demographic breakdowns: When it comes to credit card perks, younger Canadians are more likely to say they plan to use their loyalty points to pay for their spring travel plans through travel redemptions (14%), compared to their older counterparts aged 35-54 (5%) and 55+ (10%).