New Market Study Published: Travel and Tourism in Canada to 2017
Recently published research from Timetric, "Travel and Tourism in Canada to 2017", is now available at Fast Market Research
Boston, MA -- (SBWire) -- 10/23/2013 --Despite a deceleration in 2009 due to the financial crisis, Canada's tourism sector flourished during the review period, with tourist volumes increasing in the years following the crisis. The growth can be attributed to the country's strong economic position and the promotional efforts of the Canadian Tourism Commission (CTC). During the review period (2008-2012), Canada's domestic tourist volumes expanded at a CAGR of 1.04%.
- Based on Timetric's current forecast, Canada's real GDP is expected to grow by 1.6% in 2013 before strengthening to around 2.4% in 2014, fuelled by investment and export growth on the back of a recovery in global demand, especially with its main trading partner - the US. Timetric expects the economy to post an average growth of 2.4% over 2016-2017, led by robust domestic demand and improved demand for exports.
- Canada was ranked eighth in the World Economic Forum's (WEF's) Travel and Tourism Competitiveness Index 2013, moving up one position from its 2011 ranking. The country is ranked fifth for natural and qualified human resources. However, rising currency rates have made tourism-related services expensive, resulting in a rank of 124th in terms of price competitiveness.
- Domestic tourism has always accounted for a significantly higher share of total tourist volumes and earnings. Factors that have contributed to domestic tourism growth are the country's infrastructure improvements, improved consumer confidence and higher discounts offered by travel suppliers. Domestic tourism is highly seasonal, with most trips taking place during the summer months of July, August and September. Short-length domestic trips in Canada are usually made on weekends with leisure being the main purpose, while most long trips are undertaken for business purposes.
- The Canadian government launched the Federal Tourism Strategy in 2011 to increase the tourism sector's competitiveness in the global market and position it for long-term growth. The strategy focuses on four key areas: to promote Canada as a world-class tourism destination; to ensure the safety of tourists and facilitate the ease of access to the country; to increase the quality of services offered; and to encourage product innovation and investment. Canada set a tourism revenue target of US$100 billion for 2015 and its federal tourism strategy will guide policies and actions set by the federal government to help meet this target.
- Canadian airports lack price competitiveness compared to American airports, due to excessive taxation and high operating costs. Pricing in the Canadian airline market is changing in view of the federal government's new laws to regulate advertised prices. Many major airline companies such as WestJet, Air Canada, Air Transat and Porter Airlines have consequently implemented all-inclusive pricing for their fares. The regulation is aimed at improving transparency in pricing.
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Companies Mentioned in this Report: Air Canada Inc., WestJet Airlines Ltd., Chorus Aviation Inc., Air Transat A.T. Inc., Porter Airlines Inc., Fairmont Raffles Hotels International Inc, Westmont Hospitality Group, Inc., InterContinental Hotels Group Canada, Best Western International Canada, Delta Hotels and Resorts, Expedia Canada Corp., FlightNetwork, Red Tag Vacations, Voyage A Rabais, Sunwing Travel Group Inc, Discount Car & Truck Rentals Ltd., Alltime Car Rental Corporation, Budget Rent-A-Car BC Ltd., RIZ Rent a Car and Truck Ltd, CanaDream Corporation
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