Many Canadians are opting to stay home for the holidays: Allianz study

Canadians’ travel intentions are expected to soften in 2025, as revealed in Allianz Global Assistance Canada‘s eight annual Vacation Confidence Index Study.

And high living costs may not be the only contributing factor.

Conducted in partnership with Ipsos, the travel insurance provider’s study indicates that winter travel intentions will see a dip, with 35 per cent of Canadians expressing confidence that they will take a winter vacation, a 12-point drop from last winter.

In the short term, many Canadians are opting to stay home for the holidays, with only 17 per cent planning out-of-province travel during the holiday season.

This decline aligns with continued financial pressures, as 38 per cent of Canadians cite high travel costs as their main holiday-travel concern, says the company.

Looking ahead to 2025, 60 per cent of Canadians plan to travel next year – down 10 points from 2024. Among those not planning to travel, financial considerations continue to be the main barrier (60 per cent).

In addition to financial concerns, the survey results indicate Canadians’ desire to make up for lost travel time following the pandemic may finally be waning, with 29 per cent of travellers expressing a desire for “revenge travel” this year – down 10 points from 2023 and 21 points from 2022.

While Canadians are scaling back, the study reveals a strong desire to travel despite these barriers, with nearly seven in ten (66 per cent) Canadians stating that an annual vacation is important to them.

Additionally, nearly 90 per cent of travellers intend to secure some form of travel coverage for upcoming travel, including through work benefits, credit card coverage or some other means.

This highlights the growing awareness of travel insurance as a key safeguard, providing peace of mind during uncertain times.

“This year’s Vacation Confidence Index Study highlights how economic pressures are influencing Canadians’ travel decisions,” said Dan Keon, vice president of marketing and insights at Allianz. “While the aggressive post-pandemic travel rebound appears to be levelling out, it’s great to see that the desire to travel remains strong. Travel insurance is more essential than ever, not only for medical emergencies, but to protect trip investments and provide the confidence needed to enjoy travel to the fullest. As always, Allianz is here to support Canadians when they need it most.”