Jul 21, 2026
Canadians may be watching their spending more closely this summer, but most aren’t letting higher prices put the season on hold.
A new CIBC poll found that nearly two-thirds of Canadians (65%) are prioritizing saving over spending, while almost eight in 10 (79%) say rising everyday costs have changed the way they plan their summer. Even so, most Canadians still expect to enjoy the season — just with a little more planning and a little less impulse spending.
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“Summer doesn’t have to mean overspending,” said Carissa Lucreziano, vice-president of financial planning and advice at CIBC, in a statement. “Canadians are proving that with thoughtful planning, it’s possible to balance fun and financial responsibility.”
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Canadians are making room for fun without blowing the budget
The survey suggests many households aren’t cancelling their summer plans — they’re adjusting them.
Nearly seven in 10 Canadians (69%) said they feel financially prepared for the months ahead, while 62% said they won’t let economic uncertainty stop them from enjoying summer altogether.
Instead, many are looking for ways to make their money stretch further. Almost half (46%) said they’ll cut back on day-to-day spending to offset higher living costs, while 65% said saving money is taking priority over additional spending.
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Travel is still on the agenda, but closer to home
Travel remains part of many Canadians’ summer plans, although affordability is playing a much bigger role in where people go.
Four in 10 Canadians (39%) said they expect to travel this summer. Of those, nearly seven in 10 (69%) plan to stay within Canada or close to home rather than take more expensive international trips.
At the same time, about one-third (32%) said rising costs have made them less likely to travel at all.
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The results echo a broader trend seen in recent travel surveys, with many people choosing shorter trips, road trips or domestic destinations as a way to keep vacation costs under control.
Experiences over ‘stuff’
Even as Canadians tighten their budgets, many aren’t giving up the experiences that make summer memorable.
Two-thirds of respondents (66%) said they’d rather spend money on experiences than physical items, suggesting that dinners with friends, concerts, camping trips or weekends away remain priorities despite ongoing cost pressures.
“What stands out in this year’s findings is the combination of caution and resilience”, noted CIBC’s Lucreziano. “Canadians are adapting, prioritizing what matters most to them, and looking for ways to enjoy the season without losing sight of their longer-term financial goals.”
Rather than abandoning discretionary spending altogether, many households appear to be making trade-offs and cutting back in some areas so they can still afford the activities that matter most.
The survey suggests that Canadians are adapting, as higher prices continue to influence everyday decisions. It seems that for many households, the goal is to spend more deliberately, making room for both enjoyment today and those longer-term financial goals.
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Steven Brennan is a freelance finance writer based in Vancouver, BC. He holds a BA and an MA from Maynooth University, Ireland. His work regularly appears at Canadian Mortgage Trends, Lowest Rates, Loans Canada and other Canadian and US brands, while also working as a ghostwriter for financial influencers.
