Welcome!

News Feed Item

BMO Summer Travel Survey: Staycations Popular as Canadians Scale Back Summer Travel Budgets

- More than half of Canadians have trips planned within their home province

TORONTO, ONTARIO -- (Marketwired) -- 06/23/14 -- According to BMO's 2014 Summer Travel Outlook, Canadians rank their home province as the top destination spot for vacations. While they intend on spending less compared to last year, nearly half are planning to travel internationally, with the United States, Europe and the Caribbean topping the list.

2014 Summer Travel Destinations

============================================================================
Top Travel Destinations for Canadians
============================================================================
Within my home province                                           55%
============================================================================
Another province                                                  26%
============================================================================
The United States                                                 30%
============================================================================
Europe                                                            5%
============================================================================
Central/South America or Caribbean                                4%
============================================================================
Mexico                                                            2%
============================================================================
Other overseas destinations                                       5%
============================================================================
I don't plan to travel this summer                                19%
============================================================================

--  Regionally, Albertans are the most likely to travel close to home, with
    81 per cent saying they will travel within Canada; one quarter (25 per
    cent) of Quebec residents say they will not travel anywhere this summer;
    and one third (35 per cent) of B.C. residents are choosing the U.S. as
    their summer travel destination.
--  Travel to the U.S. tops the list of international destinations for
    Canadians. According to BMO Economics, the generally stronger Canadian
    dollar and consumer confidence will support travel plans across the
    border.
--  Millennials (Canadian's age 18 - 34) are the most worldly summer
    travelers, with one-quarter (24 per cent) opting to travel outside of
    Canada and the U.S.

The survey, conducted by Pollara, revealed:

--  Cost-conscious Canadians plan to spend $1802 on summer travel, down
    nearly 20 per cent compared to a year ago ($2,226 in 2013)
--  While 81 per cent are still planning on travelling, one third (33 per
    cent) recognize that they will be scaling back on their travel this year
--  Nearly one quarter say they are less likely to be traveling to other
    provinces (26 per cent vs. 33 per cent last year) or the U.S. (30 per
    cent vs. 34 per cent last year) this summer
--  The tempering in travel plans is mostly attributed to financial
    circumstance with one quarter (23 per cent) scaling back in order to
    save more, and 19 per cent focusing on paying off debt
--  Gas prices will also affect summer plans for two thirds (68 per cent) of
    Canadians, with 30 per cent planning fewer out of town trips and nearly
    a quarter (22 per cent) planning more staycations.

"Affordability is top of mind for Canadian travellers, likely because of their renewed focus on saving this summer as well as other factors, including the Canadian dollar and fuel prices," said Nick Mastromarco, Managing Director, Credit Card Products, BMO Bank of Montreal. "Whether planning a vacation close to home or a trip abroad, making use of loyalty rewards to offset costs is a great way to stretch a vacation budget or free up cash for added savings."

Mr. Mastromarco added that using a credit card that offers reward programs provides a practical and convenient way for Canadians to take advantage of a broad array of redemption options to upgrade their vacation experience. For instance, the BMO AIR MILES World MasterCard offers 1 reward mile for every $15 in card purchases as well as a 25 per cent flight discount off AIR MILES flights worldwide.

BMO offers the following tips to help Canadians maximise their savings and fun this summer:

- Leverage rewards to offset costs: Redeem reward currency to offset travel costs and save on merchandise, such as sporting or camping gear, tickets to local attractions and more.

- Don't overspend: Spend less than you make. Develop a budget that establishes how household expenses will be paid and how spending will be managed. Take advantage of free online tools - such as BMO MoneyLogic (included with your BMO Bank Plan) and personal BMO credit card - to help you stay on top of everyday spending and saving.

- Shop around for a credit card that rewards you: If used responsibly, credit cards are a great payment option because of their convenience, security and loyalty reward features. This summer, apply for a BMO AIR MILES World MasterCard and earn up to 2,000 bonus AIR MILES reward miles (1,000 miles with your first purchase and 1,000 miles when you spend $1,000 in first three months). That's enough for two short-haul flights - helping you save on summer travel.

The BMO Summer Spending Survey which was conducted by Pollara between May 26th and 28th, 2014, with an online sample of 1,518 adult Canadians. Data has been weighted using the latest Canadian census information to be representative in terms of age, gender and region. The margin of error for a probability sample of this size is +/- 2.5%, 19 times out of 20.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified financial services organization based in North America. The bank offers a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers. BMO Financial Group had total assets of $582 billion and more than 45,500 employees at April 30, 2014.

Contacts:
Media Contacts:
Matt Duffin, Toronto
(416) 867-3996
[email protected]

Valerie Doucet, Montreal
(514) 877-8224
[email protected]

Internet: www.bmo.com
Twitter: @BMOmedia

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
In this presentation, you will learn first hand what works and what doesn't while architecting and deploying OpenStack. Some of the topics will include:- best practices for creating repeatable deployments of OpenStack- multi-site considerations- how to customize OpenStack to integrate with your existing systems and security best practices.
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
In a world where the internet rules all, where 94% of business buyers conduct online research, and where e-commerce sales are poised to fall between $427 billion and $443 billion by the end of this year, we think it's safe to say that your website is a vital part of your business strategy. Whether you're a B2B company, a local business, or an e-commerce site, digital presence is key to maintain in your drive towards success. Digital Performance will take priority in 2018 for the following reason...
Rodrigo Coutinho is part of OutSystems' founders' team and currently the Head of Product Design. He provides a cross-functional role where he supports Product Management in defining the positioning and direction of the Agile Platform, while at the same time promoting model-based development and new techniques to deliver applications in the cloud.
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
In his session at Cloud Expo, Alan Winters, U.S. Head of Business Development at MobiDev, presented a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to maximize project result...
"Software-defined storage is a big problem in this industry because so many people have different definitions as they see fit to use it," stated Peter McCallum, VP of Datacenter Solutions at FalconStor Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"Our strategy is to focus on the hyperscale providers - AWS, Azure, and Google. Over the last year we saw that a lot of developers need to learn how to do their job in the cloud and we see this DevOps movement that we are catering to with our content," stated Alessandro Fasan, Head of Global Sales at Cloud Academy, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abilit...