Canadians are taking a more budget-savvy approach this summer as the high cost of living has them looking to keep their spending in check.

Nearly 80 per cent are changing their summer spending plans due to the rising cost of everyday expenses, while 46 per cent are reducing daily spending to lessen the impact of economic challenges, according to a new survey by Canadian Imperial Bank of Commerce.

The cutbacks follow a Toronto-Dominion Bank survey last month that said 35 per cent of Canadians intend to spend less this summer, with 62 per cent saying they are redirecting the money to the essentials such as food and housing.

Canada’s inflation rate spiked to 3.2 per cent in May, largely on the back of gas prices, which climbed 33.2 per cent year over year, but food prices were also up 4.3 per cent, while airfare and travel were up 7.4 per cent.

Although gas prices have been falling over the past few weeks with the gradual reopening of the Strait of Hormuz, Friday’s average remained 160.5 cents per litre , according to the Canadian Automobile Association.

“What stands out in this year’s findings is the combination of caution and resilience,” Carissa Lucreziano, vice-president of financial planning and advice at CIBC, said in a release. “Canadians are adapting, prioritizing what matters most to them and looking for ways to enjoy the season without losing sight of their longer-term financial goals.”

The good news? Many Canadians still intend to enjoy the summer months to their full potential, with 62 per cent saying they won’t let economic concerns stop them from enjoying the summer.

“Summer doesn’t have to mean overspending,” Lucreziano said. “Canadians are proving that with thoughtful planning, it’s possible to balance fun and financial responsibility.”

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Economists have cut Canada’s economic outlook for the remainder of the year after a surprise slump to begin 2026.

A Bloomberg survey revealed that economists now believe Canada’s economy will expand by just 0.7 per cent for the year, which would be the weakest yearly pace since 2015, excluding the COVID-19 pandemic.

Previous forecasts predicted growth of about 1.2 per cent.

Canada’s economy shrank by 0.1 per cent in the first quarter, far below expectations.

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Today’s Posthaste was written by Ben Cousins with additional reporting from Financial Post staff and Bloomberg.

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