Canadians Pinching Pennies to Prioritize 2024 Travel: KAYAK Study

Canadians Pinching Pennies to Prioritize 2024 Travel: KAYAK Study

January 30, 2024 ctn_admin

A new survey from KAYAK reveals Canadian travellers plan on pinching pennies to prioritize travel plans in 2024.

Amid inflation, rising interest rates and high costs of living concerns, Canadians are looking to revitalize their routine and set up new habits in ways that don’t break the bank.

Acknowledging that having a trip on the books makes you happier because it gives you something to look forward to according to 63% of Canadians, it’s no surprise that almost 7 in 10 (68%) would make small adjustments in their everyday spending habits to make that dream vacation become a reality. In fact, close to 1 in 3 (32%) who travel plan to create a dedicated travel savings fund this year.

That’s why KAYAK is launching the Vacay Valuator – a new tool to help Canadians see how much they could save by making small adjustments to their everyday spending habits. Based on the average costs of some everyday items, travellers can choose what to save on and for how long. The Vacay Valuator then quickly shows you what flight routes are available for that proposed saving.

More than one half (54%) of Canadians who travel are ready to slash non-essential spending and alter lifestyles in 2024, ensuring they have the funds for travel. Of Canadians willing to make small adjustments in their everyday spending habits:

Sober-curious? Say hello to savings. 1 in 4 (25%) would cut alcohol completely if it meant saving for a trip.
Theatres may be a thing of the past. Both Gen Zs (28%) and Millennials (28%) agree, skipping a trip to the movies is a sacrifice they’d take to save for travel.
It’s in with the old clothes and out with the new as 33 percent would cut spending on new clothes, and over a quarter (26%) of Canadians who travel would sell their unused items to generate travel funds.

“Both international flight search demand and pricing are up year over year, indicating Canadians are itching to get away but may need to get creative in order to do so,” said Leon Mulder, senior country manager at KAYAK Canada.

“To fund their getaways, Canadians are looking to scale back on non-essential expenses. Our vacay valuator tool provides a fun and easy way to see the various ways you can save to take that epic trip before year’s end.”
Savings isn’t the only thing top of mind for Canadians heading into 2024. KAYAK looked at its internal data to pull the top trends of 2024 and here’s what they found:

Asia is still kind of a big deal. All that pent-up demand from pandemic-era travel restrictions seemingly hasn’t worn off despite the country being reopened for the last two years. Asia was the #1 trending region last year and is up another 69 per cent from 2023. Expect to see Hong Kong, Shanghai, and Japan’s dynamic duo top the charts.
Canadians are venturing out internationally. Of KAYAK’s top trending destinations, there’s been an 80 per cent drop in destinations within North America. Internationally, on the other hand, searches on airfare are up 45 per cent year-over-year, with Asia (+69%), the Middle East (+60%) and Europe (+56%) all seeing significant momentum versus this time last year.
If you snooze on booking you lose on savings. With international travel so hot this year, you won’t want to procrastinate on booking flights. If you’re eyeing cities in Europe, Asia or South Pacific in 2024 – KAYAK suggests booking 7-8 months in advance as the sweet spot. By booking in that window travellers can save between 15 and 35%!
Save by spending on these sunny deal destinations. Of those travelling in 2024, KAYAK found 19% are most interested in a ‘beach vibes’ vacation. Take that trip to tan by visiting top destinations seeing a decrease in airfare like Tampa (-21%), Las Vegas (-20%), Belize (-19%), Los Angeles (-19%) and San Juan (-19%) since last year.
And if you’re looking for the road less travelled, some of the world’s most beautiful destinations can be next on your list. Not interested in the trending or popular spots everyone else is going to? Some of the world’s coolest destinations are seeing a decrease in searches including Sydney, Australia (44% decrease YoY), Hawai’i Island, Hawaii (28% decrease YoY), Auckland, New Zealand (26% decrease YoY) and Bali, Indonesia (14% decrease YoY).