Amex Travel: Canadians will be among biggest travel spenders in 2024

While many Canadians have been cautious about their expenses, travel will seemingly be a prioritized expenditure in 2024, with American Express Travel (Amex Travel) reporting that Canada ranks among the top markets for highest anticipated average trip spend this year.

Globally, Canada is the second highest market for anticipated average spend on leisure trips, at an average of $8,824 for all leisure trips in 2024.

"The Global Travel Trends Report highlights the continued desire for Canadians to prioritize unforgettable travel, from spontaneous trips to once in a lifetime experiences," a statement from Vanessa Crooker, vice president of brand, partnerships and lifestyle benefits at Amex Canada reads. "We know that 82 per cent of Canadians plan to spend more or the same on travel this year and we are excited to meet that demand with our premium travel benefits."

The Amex Travel 2024 Global Travel Trends Report involved a survey conducted between Jan. 31 and Feb. 8 among a sample of 2,005 U.S. adults, 1,007 adults in Australia, 1,002 adults in Canada and the U.K., 1,002 adults in Japan, 1,006 in Mexico and 1,005 adults in India. Each individual surveyed has at least a US$50,000 income equivalent and typically travels at least once a year.

In the global poll results, 84 per cent of total respondents plan to spend more or the same amount of money on travel in 2024, compared to last year, and 72 per cent would rather save money for a trip than spend money going out with friends.

The survey found that while Canadians will spend on travel this year, that doesn't mean they aren't looking for travel hacks to save money, with 44 per cent indicating they will travel during generally cheaper off-peak times, and 41 per cent will use credit card points to pay for hotels and/or flights.

The vast majority, 85 per cent of Canadians surveyed, stated they want to get a deal on flights so they can spend more on their accommodation, or upgrades.

Where are Canadians travelling in 2024?

For Canadians, the most common type of trip they plan to take this year is a "bucket list" or "dream vacation" experience.

A total of 66 per cent of Canadian respondents want to take a multi-country trip and 32 per cent are considering an expedition cruise.

Of the Canadians planning a multi-destination vacation, 70 per cent plan to visit Europe specifically.

An overall trend for 2024 travel globally is sports travel, with 75 per cent of respondents to the Amex Travel report planning to travel to a sports event that's at least three hours away from home.

The top travel destinations for sports tourism are:

1. New York City

2. Miami

3. London

4. Las Vegas

5. Paris

Solo travel on the rise

Millennials and Gen Z travellers globally (76 per cent) are interested in solo travel this year. Of the Canadian respondents to the Amex Travel poll, 54 per cent plan to do more solo travel in 2024, with 59 per cent of those individuals doing so for "self-love."

"Solo travel is a wonderful way to unwind and discover a new hobby," a statement from Corinne Ng, vice president and general manger of travel and lifestyle services, Amex Asia Pacific, reads. "Traveling alone also allows you to take ownership of selecting the perfect destination and gives you the ability to curate the ideal itinerary, catered just for you."

That trend also coincides with travellers being more spontaneous with their travel, with planning timeframes shortening in 2024.

Amex found that 44 per cent of global respondents prefer to take a spontaneous trip, instead of having a detailed plan.

Last year, Amex revealed the top 2024 travel destinations, identified by global Amex cardmember travel bookings. They are:

• Adelaide Hills, Australia

• Bodrum, Turkey

• Porto Cervo, Italy

• St. Kitts and Nevis

• Niseko, Japan

• San Miguel de Allende, Mexico

• Santa Fe, U.S.

• Seychelles

• Udaipur, India

• Zermatt, Switzerland