Ms. Carissa Lucreziano reports

FRUGAL FUN IN THE SUN: CIBC POLL FINDS CANADIANS PRIORITIZING SAVING OVER SPENDING THIS SUMMER

As the weather warms, a new Canadian Imperial Bank of Commerce poll finds that Canadians' sentiments on summer spending are tepid, with 88 per cent concerned about how the cost of living will impact summer enjoyment.

With expenses being top of mind for many, two-thirds of Canadians (67 per cent) are focused on saving rather than spending this season. Canadians plan to allocate most of their funds to everyday expenses, such as gas and groceries, with nearly one-half (46 per cent) trying to reduce daily spending and over one-quarter (30 per cent) delaying major purchases.

Top expenses Canadians are looking to better manage:

• Everyday expenses, such as gas and groceries;
• Dining out;
• Travel.

International travel is taking a backseat this year, with two-thirds of Canadians (65 per cent) opting to stay local and only 14 per cent planning to travel to the United States this summer.

Despite economic challenges, Canadians are finding a number of ways to have fun this summer without splurging, such as reducing daily spending, budgeting more strictly, seeking out deals and planning local experiences.

"The desire to manage costs is influencing spending decisions for Canadians, and it's understandable that many are looking for ways to optimize their finances and make the most of summer without blowing their budget," said Carissa Lucreziano, vice-president, financial planning and advice, CIBC. "Establishing a budget and setting savings goals can help ensure that you're on track to meet your financial ambitions while still enjoying a savings-savvy summer."

Polling found that despite Canadians feeling uncertain about the economic landscape, two-thirds (65 per cent) feel prepared to manage their finances this summer.

Other key poll findings:

• Seventy-six per cent find it harder than ever to save money.
• Seventy-two per cent describe the current economic mood negatively.
• Sixty-eight per cent are worried about interest rates.

Disclaimer

The findings are from an Ipsos poll conducted between April 14 and April 22, 2025, on behalf of CIBC. For this survey, a sample of 1,500 Canadians aged 18 or older were interviewed on-line. Sample was sourced from the Ipsos panel. Weighting was employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos on-line polls is measured using a credibility interval. In this case, the poll is accurate to within plus or minus 3.1 percentage points, 19 times out of 20, had all Canadians been polled. The credibility interval will be wider among subsets of the population.

About Canadian Imperial Bank of Commerce

CIBC is a leading North American financial institution with 14 million personal banking, business, public-sector and institutional clients. Across personal and business banking, commercial banking and wealth management, and capital markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.