Canadians Choose Savings Over Spending This Summer, Says CIBC Poll
- CIBC's poll shows 88% of Canadians are worried about living costs affecting summer enjoyment.
- Carissa Lucreziano from CIBC emphasizes budgeting and savings to navigate economic challenges.
- CIBC aims to adapt financial products and services based on evolving consumer needs during this economic climate.
Canadians Embrace a Frugal Summer Amid Economic Concerns
A recent poll conducted by CIBC reveals a significant shift in Canadian consumer behavior as the summer season approaches. With 88% of respondents expressing worries about the cost of living affecting their enjoyment of summer activities, a clear trend emerges: Canadians are prioritizing savings over spending. The survey, conducted by Ipsos between April 14 and April 22, 2025, involved 1,500 Canadians aged 18 and older and highlights the evolving financial landscape where economic pressures dictate consumer choices.
The findings indicate that 67% of Canadians are focusing on saving rather than spending, with many channeling their resources toward essential expenses like gas and groceries. Nearly half of the respondents, 46%, are seeking to reduce their daily expenditures, while 30% report delaying major purchases. This trend reflects a cautious approach to financial management, with many Canadians opting for local activities instead of international travel. The survey shows that 65% of Canadians plan to stay local this summer, with only 14% intending to travel to the United States, signaling a significant shift in travel preferences influenced by economic constraints.
Carissa Lucreziano, Vice-President of Financial Planning and Advice at CIBC, emphasizes the importance of budgeting and establishing savings goals in navigating these economic challenges. Although 76% of participants find saving increasingly difficult and 72% perceive the current economic climate negatively, two-thirds of Canadians feel equipped to manage their finances effectively this summer. By adhering to budgets, seeking deals, and engaging in cost-effective local activities, Canadians are finding ways to enjoy the season without overspending, showcasing resilience in the face of adversity.
In addition to the trends in consumer behavior, the poll highlights a growing concern regarding rising interest rates, with 68% of respondents expressing anxiety about their financial implications. This sentiment reflects broader economic uncertainties that continue to influence Canadian households. Despite these challenges, the ability of Canadians to adapt their spending habits showcases a proactive approach to financial management, which may benefit institutions like CIBC that focus on providing sound financial advice and resources.
As a leading North American financial institution serving 14 million clients, CIBC is well-placed to support Canadians in their quest for financial stability. The insights from this poll may inform the bank's strategies in offering tailored financial products and services that align with the changing needs of its customers during these economically challenging times.
