Report Reveals Spending Plans of Canadian Millennials

The PayPal Canada survey looked at the spending plans of Millennials. Read More...

PayPal Canada’s latest consumer research showed that while travel is ticking up, nearly 50 percent of Millennials in that country “plan to splurge on their next vacation.” However, more than 80 percent of respondents expect inflation to impact their dream getaway plans.

As a result, the survey showed that 16 percent of Millennials polled ranked budget management as their top travel finance concern, “even more than changing plans due to COVID-19 (13 percent),” PayPal Canada stated in its report.

The survey also revealed that despite some travel restrictions lifting globally, respondents said they’re planning their trips closer to home this year. Of those polled, 97 percent said they plan to travel within North America this year while 25 percent are traveling only within Canada.

Millennials are also taking their own lead when it comes to travel this year. The authors of the report noted that even “amid an era of influencers, 43 percent are checking off destinations on their personal bucket lists crafted by their own research to experience the greatest trip of all times — also known as a G.O.A.T. trip.”

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Naturally, PayPal Canada wanted to get a read on the payment preferences of those polled. Malini Mitra, director of communications for PayPal Canada, said between checking flight prices and scrolling through accommodations, “booking travel can take hours which is why it’s no surprise that 34 percent of Millennials surveyed are more likely to buy experiences when their payment information is filled automatically.”

Mitra added that PayPal Canada is helping Canadian travelers “speed up this process just as quickly as they’re getting back out to exploring the world with PayPal Checkout and our other suite of products so they can have an unforgettable experience from start to finish.”

Digging deeper into the survey results showed that of those polled who are traveling within Canada, the top provinces they’re planning to explore are: Ontario (35 percent), British Columbia (27 percent) and Alberta (25 percent). Outside of Canada, the top destinations include Australia (12 percent), Bahamas (11 percent), England (11 percent) and France (11 percent).

The authors of the report also said 85 percent “of these eager nomads say sales and discount codes are important when it comes to booking experiences or buying essentials for a getaway.” And more than 50 percent said they also want greener travel options.

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