Canadians Plan Vacations Despite Economic Uncertainty

By Bizclik Editor

 

Despite uncertainty over the current state of the economy, Canadians are continuing to plan vacations. In a recent survey commissioned by BMO Bank of Montreal, 61 per cent of Canadians have plans to take a fall or winter holiday.

“Tourism generated about $30 billion for the Canadian economy in 2010, or 2 per cent of GDP, and about 4 per cent of the labour market has a direct link to the tourism industry,” says BMO economist Robert Kavcic. “So, if travel plans can hold up despite economic uncertainty and lower consumer confidence, it would certainly be welcome news for the Canadian economy.”

Many Canadians are actually taking advantage of the economy, using the strength of the Canadian dollar to travel outside of Canada. 14 per cent of those surveyed said they would be heading to the US, while 5 per cent have plans to travel to other international destinations. Conducted by Leger Marketing, the survey has some surprising results such as the fact that younger Canadians are leading the international traveling trend.  Additionally, international travel in general grew 5.5 per cent over the past year.

 

SEE RELATED STORIES FROM THE WDM CONTENT NETWORK:

Click here to read the latest issue of Business Review Canada

 

In a previous survey commissioned by the BMO and conducted in May, it was seen that Canadians held trip affordability as the highest determining factor on whether to travel.  In this follow up survey, the BMO found that only 13 per cent of those surveyed planned on using loyalty rewards to lower their vacation costs.

“Canadian consumers are increasingly more knowledgeable about the value of rewards programs. In fact, rewards programs are the number-one determinant in the choice of a credit card," said Su McVey, VP, Customer Communications & Marketing, BMO Bank of Montreal. “In today’s economic environment, I would encourage every Canadian vacationer to take full advantage of their travel-related rewards to reduce their holiday expenses."

Share

Featured Articles

How Elon Musk pulled off a $44bn hostile takeover of Twitter

As the world’s richest man, Elon Musk, takes over tech giant Twitter, we highlight the timeline that led to this titanic takeover

Amazon, Alphabet, Wells Fargo best workplaces, says LinkedIn

The top 50 workplaces to grow careers prioritise flexible work and tuition-support programs, as top-ranking firms Amazon and Alphabet prove, says LinkedIn

Top 10 women in technology in the US

These 10 women in tech are forging a path into bold areas of innovation and technological ambition, according to sister publication Technology Magazine

8 executive moves to crypto – from mainstream to startup

Technology & AI

Digital Twins tech ‘missing link’ in urban decarbonisation

Technology & AI

The Metaverse Foundry from Infosys is a business playground

Technology & AI