Again Canada tourism slowing down

Wednesday, August 9, 2023

The tourism industry of Canada is appearing to be getting slow once again, after a fast revival when the lockdowns related to COVID-19 was lifted worldwide, a new report found.

In the last three years, the industry had been progressing with difficulty to reach pre-pandemic numbers, but, a recent TD bank report found that the speed of recuperation started to get sluggish in 2023.

The title of the report – A Slow Road to Recovery for Canadian Tourism Spending, says that the drop in tourism is because of the economic tough times in Canada like higher interest rates, sluggish market of the job and broader decline of tourism has been observed domestically as well as internationally.

This delay signifies that a complete revival will take time, as activities related to tourism and spending behavior of the travellers’ are not hoped to reach the earlier levels before 2025, explained the report published by Marc Ercolao and Rishi Sondhi, TD’s economists on Thursday.

At the time the report was published, as the number of local tourists was not available, economists said that the available data shows local tourism activity had a gentle drop at the commencement of COVID, and has since revived at a faster rate than overseas tourism.

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