A new poll from CIBC shows that most Canadians plan to spend more this summer, mainly because of rising prices and pent-up demand from the COVID-19 pandemic.
Those polled expect to spend roughly $1,900 on summer activities, an increase of roughly $400 from 2021.
Jamie Golombek, CIBC managing director for tax and estate planning, said increases to the cost of everyday items is not deterring most of the 1,500 Canadians they surveyed.
"Canadians are finally trying to enjoy a normal summer for the first time in a few years so I think Canadians are spending more," Golombek said.
"They're putting up with inflation and they say, you know what, we're going to enjoy ourselves -- in fact more than 50 per cent suggest that they're going to spend money on experiences."
In total, 76 per cent of Canadians blame inflation for the added cost to their summer fun and some are implementing new strategies to combat the higher prices.
"Using your mobile phone or even logging onto mobile banking, there's a number of budgeting tools that even track spending in certain categories," Golombek said.
More than half of Canadians said they have less in their bank account by month's end compared to previous years.
Sudbury news: Canadians plan to spend more this summer | CTV News - CTV News Northern Ontario
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