The holiday season is here and although inflation and ongoing economic uncertainty may have a significant impact on holiday budgets, a new survey conducted by Wise, a universal account enabling Canadians to send, spend or receive money internationally, found that two priorities remain; travel and remittances.
Wise Holiday Travel Trends
- Despite 55% of Canadians being concerned about finances this holiday season, travel remains top of mind with a quarter (25%) still prioritizing international vacations and more than one-in-ten (13%) Canadians saving to visit friends and family abroad.
- 17% of Gen Z and younger millennials (18 to 34 years old) are planning to travel internationally this holiday season, despite 64% of them feeling concerned about finances.
- More than half (59%) of those who typically travel abroad during the holidays cited inability to afford the trip being the reason holding them back from setting sights internationally this season.
- Among Canadians who are feeling the financial strain this holiday season, nearly a quarter (24%) claim their spending this year will shift more towards experiences (such as traveling) rather than physical goods.
Wise Remittances Trends
- Among the Canadians who are feeling the financial strain this holiday season (55%), more than half of them (51%) are still planning to send remittances to loved ones this year though they will be lower than previous years.
- Among Canadians who send remittances abroad, more than one-third (36%) say they will be sending less money as a result of the rising cost of living.
- Gen Z and younger millennials are the groups more likely to send money to loved ones overseas, with 52% of them citing that compared to previous years, this year their remittances will be lower.
- Canadian Gen Z’s and younger millennials are more likely to send money abroad to their loved ones, despite 64% of them feeling financial stress this holiday season.
Wise is a universal account to conveniently manage money internationally without hidden fees. With a Wise Account, you can send, spend and hold multiple currencies all in one convenient place. The Wise Card, which operates just like a debit card, is connected to your Wise Account enabling you to hold 40+ currencies. It can be tapped or swiped anywhere credit cards or debit cards are accepted, supporting payments through Apple and Google Pay. Whether you’re sending money to another country, spending money abroad, or making and receiving international business payments, Wise is on a mission to make your life easier and save you money, no matter the time of year.
The findings from this survey were conducted by Wise from November 16th to 19th, 2023 among a representative sample of 1,510 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French.
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Wise survey reveals that Canadians continue to prioritize travel and remittances this holiday season despite financial uncertainty.
The holiday season is here and although inflation and ongoing economic uncertainty may have a significant impact on holiday budgets, a new survey conducted by Wise, a universal account enabling Canadians to send, spend or receive money internationally, found that two priorities remain; travel and remittances.
Wise Holiday Travel Trends
Wise Remittances Trends
Wise is a universal account to conveniently manage money internationally without hidden fees. With a Wise Account, you can send, spend and hold multiple currencies all in one convenient place. The Wise Card, which operates just like a debit card, is connected to your Wise Account enabling you to hold 40+ currencies. It can be tapped or swiped anywhere credit cards or debit cards are accepted, supporting payments through Apple and Google Pay. Whether you’re sending money to another country, spending money abroad, or making and receiving international business payments, Wise is on a mission to make your life easier and save you money, no matter the time of year.
The findings from this survey were conducted by Wise from November 16th to 19th, 2023 among a representative sample of 1,510 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French.
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This entry was posted on December 5, 2023 at 9:02 am and is filed under Commentary. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.