More Canadian families are staying closer to home this holiday season, cite economic factors

Holiday travel is becoming a tougher sell for many Canadian households, as rising costs continue to influence where — and whether — people get away this season.

According to a new poll from CIBC, nearly eight in ten Canadians (79%) say travel has become less affordable over the past five years. As a result, more families are choosing to stay closer to home this holiday season, prioritizing savings and lower-cost celebrations.

More than six in ten Canadians (62%) say they are not travelling at all over the holidays. Among them, 31% cite budget constraints, while another 22% say they are deliberately prioritizing saving instead of travel.

Younger Canadians still more likely to travel

Despite widespread affordability concerns, travel is still a central part of holiday planning for some. For example, nearly four in ten Canadians (38%) say they plan to travel this holiday season, though that’s down slightly from 41% last year.

Younger Canadians are driving much of that activity. The poll found that Gen Z respondents are almost twice as likely to travel as boomers, with 50% planning a trip compared to just 26% of older Canadians.

Even among those travelling, plans are becoming more modest. Fewer Canadians are heading abroad, while domestic and regional trips are taking on a larger share of holiday travel.

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Staying closer to home — and using points

CIBC’s poll suggests Canadians are increasingly opting for shorter, lower-cost trips this season:

• Just 12% plan to travel internationally
• Around 13% will travel elsewhere within Canada
• And 19% are planning trips within their own province

To manage costs, some travellers are leaning on rewards programs. Nearly one in five Canadians who plan to travel (18%) say they intend to use credit card rewards points to help cover holiday travel expenses.

“Canadians are showing both resilience and adaptability this holiday season,” Carissa Lucreziano, vice-president of financial planning and advice at CIBC, said in a statement.

“Whether it’s travelling within the country or gathering at home, the focus is on connection, comfort, and making smart financial choices.”

Budget pressures extend beyond travel

The findings highlight how closely travel decisions are tied to broader household finances. For many families, holiday budgets are being weighed against competing priorities, including savings goals and rising day-to-day expenses.

CIBC says setting realistic expectations can help reduce financial stress during the holiday season, particularly for families juggling multiple financial commitments.

This year’s travel choices suggest that for many Canadians, the holiday season is less about distance travelled and more about how deliberately each dollar is spent.