Seems like money ain't a thang for Canadian travellers who are throwing caution to the wind and booking (or re-booking) their long-awaited vacations—but rising costs across the board means budgeting for your 2023 escape is more important than ever.
Driving the news: Despite high airfare prices, Canadians are taking off to soak up the sun and culture abroad after years of staying home—tickets for sunshine destinations have jumped 20% from pre-pandemic prices, and economy flights to Europe are creeping towards $2,000, per the Toronto Star.
- Prices for accommodations and activities have also surged. Tour operator TUI AG said bookings are 11% below 2019's numbers, but pricing is up 24%, signalling people are willing to pay more to travel.
- Travel insurance costs have also jumped significantly since the onset of the pandemic, according to Rates.ca, with all-inclusive insurance packages increasing 22% year over year.
Why it's happening: New trend data from Booking.com shows that people use their holidays to better themselves, unplug and unwind—a necessity after years of being stir-crazy.
- One expert said, "as long as Canadians can keep the heat on and put food on the table, they're going to travel."
Yes, but: The effects of a vacation are null and void if you spend the other 50 weeks of the year stressing about money.
Here are some great travel resources to help keep costs under control:
Get a free travel budget template. Sure, you could spend a few hours making your own version, but why bother? There are plenty online for free, like this super detailed one.
Calculate the "cost of living" for your destination. This handy cost comparison calculator will help you determine prices before you get there.
Don't get hit with roaming charges overseas. You could buy a physical sim card for your phone when you land or try out one of the esim companies ranked here.
- Negotiate your hotel bill. Staying for more than a couple of days, or have multiple rooms to book? Email a bunch of hotels at your destination in advance and ask for a discount on your room fee. Especially during off-peak seasons, they’ll often be willing to give you a break (or at least throw in some perks).
- Optimize your points. New services like Point.me or Roame have popped up to help you put any reward points you’ve collected over the years to the best use.