KAYAK's survey reveals Canadians making sacrifices for 2024 trips. The Vacay Valuator aids savings, while travel trends shift internationally. (Canadian Travel News)
Canadian travellers are gearing up to tighten their belts and cut back on non-essential spending to make their travel dreams a reality in 2024, according to a recent survey by KAYAK. Faced with concerns about inflation, rising interest rates, and the overall high cost of living, Canadians are seeking ways to refresh their routines without breaking the bank.
The survey highlights that 68% of Canadians are willing to make small adjustments in their everyday spending habits to fund their dream vacations. In fact, nearly one-third (32%) of those who have travel plans intend to establish a dedicated travel savings fund this year. Recognizing the positive impact of having a trip planned, 63% of Canadians agree that it brings happiness and anticipation.
To assist Canadians in achieving their travel goals, KAYAK is introducing the Vacay Valuator, a new tool designed to illustrate potential savings by making modest changes to everyday spending habits. By selecting specific items to save on and determining the duration of these adjustments, users can quickly explore available flight routes based on their proposed savings.
More than half (54%) of Canadian travellers are prepared to cut back on non-essential spending and adjust their lifestyles to ensure they have the financial means to travel in 2024. Noteworthy adjustments include 25% of respondents considering giving up alcohol entirely, while both Gen Zs and Millennials (28%) are open to forgoing trips to the movies. Additionally, 33% are willing to reduce spending on new clothes, and 26% would sell unused items to generate travel funds.
Leon Mulder, Senior Country Manager at KAYAK Canada, noted the increasing demand and pricing for international flights, suggesting that Canadians are eager to travel but may need to adopt creative strategies to do so. The Vacay Valuator is positioned as a fun and accessible tool to explore various ways to save for a memorable trip by year's end.
Looking ahead to 2024, KAYAK analyzed internal data to identify travel trends. Asia remains a top destination, with a 69% increase in trending interest from the previous year. Key locations like Hong Kong, Shanghai, and Japan are anticipated to lead the charts. Interestingly, there has been an 80% decrease in searches for North American destinations, while international searches, particularly for Asia (+69%), the Middle East (+60%), and Europe (+56%), have surged.
KAYAK advises potential travellers to book international flights well in advance, with a suggested sweet spot of 7-8 months prior to departure. This early booking window can yield savings ranging from 15% to 35%. For those seeking budget-friendly beach destinations, KAYAK identified Tampa (-21%), Las Vegas (-20%), Belize (-19%), Los Angeles (-19%), and San Juan (-19%) as locations with decreased airfare since the previous year.
For travellers looking to explore less popular destinations, KAYAK suggests considering Sydney, Australia (44% decrease YoY), Hawai’i Island, Hawaii (28% decrease YoY), Auckland, New Zealand (26% decrease YoY), and Bali, Indonesia (14% decrease YoY), which have seen a decline in search interest.
