New Consumer Goods market report from Timetric: "The Future of Travel and Tourism in Canada to 2016"
Boston, MA -- (SBWIRE) -- 01/15/2013 -- The Travel and Tourism Competitive Index (TTCI) ranked Canada as the second-most-attractive destination in the Americas - and the ninth worldwide - to develop business in the travel and tourism sector in 2011. Canada's travel and tourism sector contributed 4.6% to national GDP in 2011, and accounted for 13.9% of the country's total employment. During the review period, the total number of trips undertaken by residents, both domestic and outbound, increased from 239.8 million in 2007 to 264.8 million in 2011, registering a CAGR of 2.50%. The key drivers for this growth are a rebound in the economy, increasing employment, rising disposable incomes and government initiatives to improve tourism in the country.
- The Travel and Tourism Competitive Index (TTCI) ranked Canada as the second-most-attractive destination in the Americas - and the ninth worldwide - to develop business in the travel and tourism sector in 2011.
- During the review period, the total number of trips undertaken by residents, both domestic and outbound, increased from 239.8 million in 2007 to 264.8 million in 2011, registering a CAGR of 2.50%.
- According to the United Nations World Tourism Organization (UNWTO), Canada accounted for the third-largest number of inbound tourist arrivals in the Americas in 2011. There were 30.9 million inbound tourist arrivals in the country in 2011, with the US, UK and France accounting for 88.4% of total inbound arrivals.
- Canada's tourism sector relies heavily on domestic tourism, and in 2011, domestic tourists accounted for 79% of total tourism spending in the country.
- The government launched its Federal Tourism Strategy to enhance the competitiveness of the tourism sector and position it for long-term growth. By 2015, Canada intends to generate US$100 billion in tourism revenue and the Federal Tourism Strategy will help meet this target.
- According to the World Economic Forum (WEF), Canada is ranked first for its air transport infrastructure. The country also got a high rating for its tourism and information and communication technology (ICT) infrastructure, and is ranked fourth for its policy rules and regulations, denoting that they are conducive for the development of the tourism sector and the airlines industry.
- Investors in the Canadian hotel industry have largely been domestic in the past because foreign investors were more attracted towards large markets such as the US and the fast-growing Asian markets. However, hoteliers expect the scenario to change with more foreign investors entering into the financially stable Canadian market, which offers good prospects for capital growth.
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Companies Mentioned in this Report: Air Canada Inc, WestJet Airlines Ltd, Chorus Aviation Inc., Air Transat AT Inc., Porter Airlines, Fairmont Raffles Hotels International Inc, Westmont Hospitality Group, Inc., InterContinental Hotels Group, Best Western International, Delta Hotels & Resorts, Discount Car & Truck Rentals Ltd, Alltime Car Rental Corporation, Budget Rent-A-Car BC Ltd, RIZ Rent a Car and Truck Ltd, CanaDream Corporation, Expedia Canada Corp., Flight Network, Red Tag Vacations, Voyages a Rabais, Sunwing Travel Group Inc
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