Despite lingering uncertainty over the state of the economy, a majority of Canadians say they haven’t changed their vacation plans.
According to a BMO Bank of Montreal survey released yesterday, 61% of Canadians will take a fall or winter holiday this year.
And 59% said they will not alter plans as a result of current economic turmoil.
BMO economist Robert Kavcic said, “Tourism generated about $30 billion for the Canadian economy in 2010, or 2% of GDP, and about 4% of the labour market has a direct link to the tourism industry.
“So, if travel plans can hold up despite economic uncertainty and lower consumer confidence, it would certainly be welcome news for the Canadian economy.”
In addition, one in five of those surveyed is taking advantage of a strong Canadian dollar to head out of country. Fourteen per cent said they are heading to the U.S.; 5% plan to vacation outside Canada or the U.S.
The study, conducted by Leger Marketing, revealed that travel within Canada remains the most popular with those surveyed. However, the strength of the Canadian loonie, which has been close to or over parity with the U.S. dollar for the past year, has led to more trips outside Canada.
Outbound travel by Canadians grew by 5.5% year to date to June 2011, with most of that growth involving travel to the U.S.
Jennifer Harrison
@JHarrisonBIV