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2.
The time spent between jobs or when furloughed for an extended period. no = nay , nay + vacation = naycation.
When Kevin was indefinitely laid off in 2009, he spent his naycation going back to college to earn a degree.
by Kj Nay January 13, 2012
 
1.
A summer spent without a vacation. Naycations have become increasingly popular since the 2000s, due to the economic recession. Naycations are usually confused with staycations, but they are different due to with staycations one usually just does things in their own town, and during naycations you just stay inside your home.

Comes from 'nay' meaning no, and 'cation' as in va'cation', thus: Naycation.
Person 1: Hey! Where are you going this summer?
Person 2: My mom says money's tight right now, so we're just gonna have a naycation.
Person 1: Aw, man. That sucks! Me and the fam are going to Paris.
by Lee Anna Marks June 13, 2009