CPA study revels summer spending trends

A recently released survey from the Canadian Professional Accountants of Canada shows a majority of those polled plan on spending more this summer.

The CPA Canada Summer Spending Survey was conducted by Elemental Data Collection Inc. via telephone between June 4 and June 10 through a national random sample of 1,000 Canadians aged 18 and over.

Fifty-six percent of those polled revealed they anticipated on spending more this summer than in 2017.

Thirty-two per cent said they would be spending the same, and only 11 per cent stated it would be less.

When asked how much more they planned on spending, 30 per cent responded with an increase of $500 to less than $2,000. Around 15 per cent said they would increase spending by $2,000 or more, and nine per cent said less than $500.

Forty-five per cent said they have less money this year compared to the same time last year after paying for their monthly household essentials.

In terms of individual spending, 62 per cent are spending more on transportation fuel costs, 50 per cent are spending more on food, and 37 per cent spending more on home energy costs.

Sixty-nine per cent of respondents plan on spending the same or less on entertainment, and 59 per cent plan on spending the same or less on travel.

Nearly two thirds (62 per cent) say they are planning a vacation this summer, with 21 per cent revealing they expect to spend less than $1,000. One-quarter plan to spend $1,000 to less than $2,000 and one fifth (20 per cent) expected to spend $2,000 to less than $3,000.

Another 19 per cent plan to spend $3,000 or more.

For those planning to take a vacation, 46 per cent say they will stay within their province or territory, 39 per cent plan to go to another province or territory, 28 per cent are heading to the U.S, and 22 per cent are planning a trip elsewhere in the world.

96 per cent of respondents said they are either using general savings or savings put aside especially for a vacation.

Finally, 21 per cent said they named summer as the most expensive season, while the majority (42 per cent) chose winter.