The tourism spending in Canada rose by 4.3% last year and it was also the 18th consecutive rise though global economy is struggling to combat slowdown.
According to the Statistics Canada, the Canadian tourism industry grew in the fourth quarter of 2007 and with that, tourism spending for whole year surged by 4.3%, as reported by Canada.
Statistics Canada also disclosed that the rise of 1.4% in consumer spending in fourth quarter of last year was the 18th quarterly increase in a row and the consumer spending surge by 1.4%. This incessant escalation in the tourism industry was a result of growing number of travelers within the country. Even the spending on tourism by Canadians rose 1.6% in the last quarter of 2007. In totality, Canadian tourism industry earned $70.6 Billion last year in which Canadian tourists contributed four dollars in every five dollars.
According to industry experts, rising employment and increase in salaries have raised the disposable income of Canadians and they’d like to spend it on tourism. Besides, change in exchange and interest rates have created huge demand for the tourism industry products and consequently, consumers’ spending capabilities have changed, elevating the financial gains for aviation industry. This has also resulted in revision of the pricing structure of the travel industry and changes in the promotional offers.
Also, economic boost up in Canada nullified the negative effect of high-energy cost on people’s spending power. Including this, appreciation in the Canadian dollar brings more money for Canadian people and they are increasingly opting for foreign tours. Coupled with this, tourism infrastructure has developed with construction of more luxury hotels and maintenance of tourist spots, particularly archaeological sites, attracting more tourists from across the world.
In addition to this, coming years could prove extremely productive for the Canadian tourist industry as the country is going to host several domestic and international events such as 2010 Olympics and Paralympic Winter Games and 400th founding anniversary of Quebec.
According to a Research Analyst at RNCOS, “Despite slowdown in global economy, the Canadian tourism industry is flourishing. Modernization and development in existing tourism infrastructure is improving the tourist industry of the country. Moreover, some famous international as well as domestic events will take place in Canada. These events can be best utilized to build a brand image and promote tourism for long-term benefits across the world.”
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