If you can’t quite afford that epic summer vacation this year, you’re not alone.
A new survey from CIBC reveals Canadians plan to keep their summer “fun” spending to a minimum.
The respondents said they planned to cut spending to an average of $1,346 when it comes to travel, dining out, and recreational activities. They also planned to cut back on items like sports equipment and barbeques.
This marks a pretty significant change from last year, which saw $1,766 splashed on recreation. For the mathematically challenged set, that’s a difference of about 25 per cent.
The survey also revealed that about one third planned to stick closely to their budget – a figure that’s up from 29 per cent last year. Half of all respondents said they would somewhat stick to their budget, up from 45 per cent.
There is reason to be extra cautious when it comes to summer spending; the survey revealed that respondents make most of their impulse purchases in the summer. In fact, impulse purchases are 67 per cent on average in the simmer, compared with 17 per cent in winter, nine per cent in the spring, and seven per cent in the fall.
“Summer is filled with social events, outdoor activities and family travel, and it’s easy to lose sight of your spending when you’re trying to make the most of the short-lived season,” said Jamie Golombek, managing director at CIBC’s Wealth Strategies Group.
But that doesn’t mean that summer has to be boring.
The best thing about summer is that you have a lot of affordable options when it comes to your leisure spending. A date can involve a long walk or a picnic on the beach, and a weekend up north doesn’t come with the accompanying ski hill lift ticket.
You can also opt to walk over taking an Uber or a taxi cab, and let’s not forget that you can look great for less thanks to the lower cost of summer clothes and zero need for outerwear.
Not convinced? Check out these free things to do in Toronto this summer.