As the Canadian dollar loses ground against major global currencies, travellers may face significant pressure. A weaker dollar means less purchasing power abroad, escalating travel costs.
The Bank of Montreal's Real Financial Progress Index revealed that 79 percent of Canadians plan to cut holiday budgets due to the weakening dollar, affecting travel, gifts, and other expenses.
With the loonie at a four-year low, those exchanging for U.S. dollars or euros will see less value for each dollar, impacting flights, hotels, and entertainment.
Even at home, traditional holiday spending like groceries and gifts is feeling pricier, leading to increased interest in thrifting and buying from overseas retailers like Shein or Temu.
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