We're not cancelling our January trip because it's a big family trip and I am looking forward to it so much (my parents and in-laws are flying in to meet up with us and our 3 year old). We've never done anything like this, and we're all in financial positions to afford it. My husband also has a very secure job in healthcare, and we have cash saved up to pay for the trip already.
That said, we are being far more frugal than we have been in the last year. We're eating out less, buying fewer clothes, and just not buying as much stuff. Part of it is to save more money so that we can buy a bigger house in a year, and part of it is because you just never know what will happen. I have a job offer in hand for when I graduate law school next year, but who knows if something will change in a year, and if it does, I want to be prepared.