Posthaste: Canadians are taking on debt and reducing grocery expenses to travel

financialpost.com:

Travel is becoming a key expense for Canadians in spite of high inflation as many of them prioritize a holiday at the expense of essential spending, according to a new study by FlightHub Group Inc., an online travel agency.

The survey, which interviewed 2,000 Canadians, found that nearly half (about 48 per cent) have made cuts to their budget in order to afford a trip.

“Even amidst challenging economic times, the desire to explore and connect with the world remains a fundamental aspect of the human spirit,” FlightHub chief executive Chris Dave said in a press release.

Among those who have travelled by plane within the last two years, 57 per cent have reduced non-essential expenses to be able to pay for a trip this year. That number jumps to 77 per cent in New Brunswick, the highest among the Canadian provinces.

Many of those who have cut spending to afford a trip have even reduced essential expenses and 41 per cent have decreased daily grocery expenses.

Those who still can’t afford to travel are looking to other financing methods, with over a quarter (28 per cent) resorting to using credit cards to finance trips.

“Travel is an investment in oneself,” Dave said. “Travel has the remarkable ability to transcend financial concerns, providing a unique and enriching experience.”

Younger Canadians are also compromising and making concessions to make their travel dreams come true. Among millennials, 57 per cent have reduced outings to restaurants, theatres and concerts. Meanwhile, 69 per cent of generation Z said they are willing to work extra hours for the sake of travel.

“This year, we are seeing a number of changes in travel behaviour among our customers,” FlightHub chief financial officer Marc Ghobriel said in the release.