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CIBC Summer Travel Poll: More than half of Canadians planning a summer vacation

CIBC Summer Travel Poll: More than half of Canadians planning a summer vacation 
Canadians spending $1,600 on average for their summer getaway - most are 
traveling within Canada 
TORONTO, July 5, 2013 /CNW/ - A CIBC (TSX: CM) (NYSE: CM) poll conducted by 
Leger shows that 56 per cent of Canadians surveyed are planning to take a 
vacation this summer, at an average cost of $1,600 - down slightly from just 
over $1,700 last year. Most Canadians are planning to spend that money here in 
Canada for their July or August holidays. 
Key findings of the poll include: 


    --  56 per cent of Canadians surveyed are taking a vacation during
        July and August, similar to the 55 per cent finding from the
        same poll last year.


--  Among those Canadians planning a summer vacation:
  o They intend to spend an average of $1,599 on their summer vacation 
in 2013, down slightly from $1,728 last year
  o 73 per cent are planning to vacation within Canada, 25 per cent are 


    visiting the U.S., and 9 per cent are travelling outside of North
    America*
    --  Among those staying in Canada, the average vacation cost is
        expected to be $1,406, while among those saying they are
        visiting the U.S., the average cost is expected to be $2,161.
    --  Residents of Manitoba and Saskatchewan plan to spend among the
        most on vacations this summer, averaging $2,075, while
        residents of Atlantic Canada plan to spend the least ($1,195 on
        average).

"Our poll results show that Canadians are finding the balance between getting 
away for a well-deserved vacation this summer while holding the line on 
expenses," said Cheryl Longo, Executive Vice President, Card Products, CIBC. 
"Canadians are being mindful of their budget and their broader financial goals 
this summer, and a great way to do that is to vacation here in Canada."

The poll also revealed:
    --  Of Canadians surveyed, those aged 35 to 54 are the most likely
        to take a summer vacation (64 per cent), and those aged 65 and
        older are the least likely (47 per cent).
    --  Families with children are somewhat more likely to get away
        this summer (64 per cent) than those with no children (53 per
        cent).

Top Travel Concerns for Canadians

While vacations are meant to be fun, past CIBC research has shown that 
Canadians do have concerns when they travel. Their top 3 concerns are:
    --  Falling ill while travelling (36 per cent)
    --  Losing money or credit cards (18 per cent)
    --  Overspending while on vacation (12 per cent)

Canadians planning to travel can use the following advice to protect you from 
unexpected costs or other worries while travelling:

  1. Falling ill while travelling
     o Many CIBC credit cards offer comprehensive travel medical
       insurance that can help to protect you in the event you need
       medical care when travelling. Visit
       cibc.com or call us to determine
       the benefits offered by your CIBC credit card before you go


   away.
  2. Losing your money or credit cards while travelling 


     o Bring a back up form of payment when travelling in the event you
       lose cash or your credit or debit card.
     o For example, if you choose to pay by credit card on vacation,
       store a debit card or a small amount of cash separately, which
       you can use in an emergency. This works for international travel
       as well - the CIBC Advantage Debit Card can be used to pay by


   debit even when you are travelling outside Canada.
  3. Overspending while on vacation 


     o You can reduce your costs by using loyalty points to help pay
       for hotels, rental cars, flights, and other travel expenses. A
       recent poll by CIBC indicated 37 per cent of Canadians used
       reward points to pay for a portion of their travel costs on a
       recent vacation.
     o Use free budgeting tools such as CIBC CreditSmart - to set
       budgets and receive alerts if you exceed your budget, helping
       you stay on top of your vacation dollars. Or you can check on
       your accounts via Mobile Banking to keep on top of day to day
       spending while you are away.

For more information and tips, visit the CIBC Advice Centre.

Additional Data
    --  Quebec residents are the most likely to vacation this summer
        (62 per cent) and residents of Manitoba, Saskatchewan and B.C.
        are among the least likely (51 per cent).
    --  Atlantic Canadians are the most likely to travel within Canada
        (90 per cent), residents of Manitoba and Saskatchewan are the
        most likely to visit the U.S. (39 per cent), while those in
        Ontario and Quebec are among the most likely to vacation
        outside of North America (11 per cent).

Among Canadians surveyed who are planning to take a vacation this summer, 
average amount they plan to spend, by region:

 ______________________________
|                |2013  |2012  |
|________________|______|______|
|National Average|$1,599|$1,728|
|________________|______|______|
|BC              |$2,045|$2,147|
|________________|______|______|
|Alberta         |$1,684|$2,270|
|________________|______|______|
|Man/Sask        |$2,075|$1,707|
|________________|______|______|
|Ontario         |$1,551|$1,757|
|________________|______|______|
|Quebec          |$1,450|$1,321|
|________________|______|______|
|Atlantic Canada |$1,195|$1,389|
|________________|______|______|

Among Canadians surveyed who are planning to take a vacation this summer, 
destination that they plan to travel to, by region*:

 ______________________________________
|               |Canada|U.S.|Outside of|
|               |      |    |N. America|
|_______________|______|____|__________|
|National       |  73% |25% |      9%  |
|_______________|______|____|__________|
|B.C.           |  72% |29% |      7%  |
|_______________|______|____|__________|
|Alberta        |  74% |34% |      3%  |
|_______________|______|____|__________|
|Man/Sask       |  71% |39% |      5%  |
|_______________|______|____|__________|
|Ontario        |  74% |23% |     11%  |
|_______________|______|____|__________|
|Quebec         |  69% |22% |     11%  |
|_______________|______|____|__________|
|Atlantic Canada|  90% |17% |      3%  |
|_______________|______|____|__________|

* Totals add to more than 100 per cent as some respondents indicated they were 
taking more than one trip this summer.

Results are based on a CIBC poll conducted online by Leger, which surveyed 
1,503 Canadians.The associated margin of error for a probabilistic sample of 
the same size is +/-2.5%, 19 times out of 20. Polling was conducted between 
June 17 and 19, 2013.

CIBC is a leading North American financial institution with nearly 11 million 
personal banking and business clients. CIBC offers a full range of products 
and services through its comprehensive electronic banking network, branches 
and offices across Canada, and has offices in the United States and around the 
world. You can find other news releases and information about CIBC in our 
Press Centre on our corporate website at www.cibc.com.

Kevin Dove, Head of External Communications, CIBC, 
416-980-8835,kevin.dove@cibc.ca

SOURCE: CIBC

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/July2013/05/c5142.html

CO: Canadian Imperial Bank of Commerce
ST: Ontario
NI: FIN ECOSURV 

-0- Jul/05/2013 09:00 GMT


 
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