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The exchange rate, a brake on American getaways
For many Canadians, the weakness of the Canadian dollaroscillating around 70 cents US in recent weeks, disrupting travel plans. This is the case of Julia Wilsonwho recently scaled back her annual getaway to New York with her mother.
“The U.S. dollar is so high for us Canadians that it didn't really seem worth spending more than necessary,” she explains. Result: less shopping and dining out, habits that were well established during their previous stays.
International travel in decline
According to a survey carried out this fall by the Bank of Montreal (BMO), 79% of Canadians planned to reduce their holiday spending, including travel expenses. Nearly a third of them judged that an international stay, including plane ticketsl’accommodation and theessenceis now out of reach.
Moreover, 45 % of Canadians consider travel to have lost priority over the need to monitor their daily expenses. “With an exchange rate that requires 40% more for the same purchases in US dollars, budgets are under pressure,” underlines Gayle Ramsayfrom the BMO.
Snowbirds, a resilient market
However, not all Canadians are changing their travel habits. THE snowbirdsthese travelers who migrate to sunny destinations like the Florida to escape the rigors of winter, remain largely faithful to their plans.
According to theCanadian Snowbird Associationthe majority of its 115,000 members plan to travel to the United States this season, despite the weak dollar. These travelers often have properties in the South and connections established in their winter communities, making their seasonal migration more inescapable.
However, even for them, currency fluctuations are not without consequences. Evan Rachkovskyspokesperson for the association, notes that many will adjust their discretionary spendingby limiting outings to restaurants or leisure activities such as golf.
Another factor to take into account is the high cost of medical insurance travel, which depends on the length of the stay and may encourage some snowbirds to shorten their getaways.
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