Thursday, June 23, 2022
The long waiting line in the airport is creating headlines all over Canada isn’t the only one that’s working as evidence that travellers are returning to Canadian destinations this summer.
Claire Fan, a RBC economist in a recent economic outlook report observed that at Canadian airports, passenger traffic in May was 30 per cent below 2019 levels. However, Claire says that their own tracking of debit and credit card transactions shows an increase in bookings, with flights and hotels purchases going above the levels of pre-pandemic times by mid-March.
The tourism industry, like airport security and airlines, is fighting hard to keep up with their staffing levels high enough to meet the unexpressed demands of the travellers.
As travel demand keeps on increasing through the “inflationary pressures” at present affecting the economy, according to Fan, the major apprehension for the travel businesses in Canada may be supply: in the middle of a historic crisis in labour, the sector is still is short of 177,000 workers.
The savings of money that many Canadians stockpiled during the pandemic is working as an important factor in fuelling the number of travellers. As per the RBC report, households across the Canada have saved a collective $300 billion. The amount is three times what Canadians spend on an annual basis on tourism before the pandemic. Those savings have been concentrated excessively among the higher-income households. that tend to spend more on discretionary purchases like travel.
Saturday, April 20, 2024
Saturday, April 20, 2024
Saturday, April 20, 2024
