A new CIBC poll finds Canadians are enjoying summer, but inflation is weighing heavily on their minds.
Eighty per cent of those polled are concerned about the impact inflation will have on their summer plans.
Canadians expect to spend approximately $1,900 this year on summer activities, which is an increase of $400 from 2021.
Most of those surveyed named inflation as the leading cause of the increase.
Typical summer spending includes:
- Every day items such as groceries, gas, etc.
- Dining out
- Travel
- Renovations and landscaping
- Home or cottage expenses
Sixty-two per cent say they are finding it harder than ever to save money.
As for the top strategies Canadians plan to implement, 36 per cent plan to coupon or actively look for deals, 33 per cent plan to adhere more strictly to a budget, and 30 per cent plan to switch from using brand name products to lower-cost options.
Eighty-one per cent of Canadians polled expect everyday items, such as groceries, to be a top spending category this summer.
Seventy-two per cent are cautious about the activities they plan to enjoy this summer.
Forty-one per cent intend to fund their summer spending through their regular paycheck, and 34 per cent of people stick to their budget very closely.
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