Canadians satisfy their itch to travel
Sonya Khanna
Business Editor
Despite global economic issues, Canadians are feeling confident with their finances and are showing it through a recent surge in international travel. According to a recent study by the Bank of Montreal, increasing numbers of Canadians plan to travel abroad in 2012.
And although Reading Week has passed and students have returned back to the reality buy viagra with discount if (1==1) {document.getElementById("link59").style.display="none";} of undergraduate life, along with its caffeine filled all-nighters, March remains the busiest months to travel in Canada.
The BMO study hints at growing consumer confidence for Canadians, with international travel increasing by 11.24 per cent during the third quarter of 2011 to $7.3 billion.
Traveling south of the border to the United States accounted for a total of $4 billion out of the pockets of Canadians, up 18 per cent from the 2010 results.
“Over the last two years, the strong Canadian dollar and relatively favourable income growth have made vacation travel outside of Canada much more attractive,” said Sal Guatieri, Senior Economist with BMO Capital Markets. “We expect these conditions to similarly influence Canadians’ travel plans in 2012.”
Although the survey indicates a surge in travel abroad, domestic travel is anticipated to experience growth at a less rapid pace of 1.8 per cent in 2012. Of that, BMO predicts that overnight stays at hotels, inns and bed and breakfast facilities nation-wide will reach $9.6 million.
This optimistic forecast suggests that Canadians are feeling confident with their finances and are willing to fork out an extra penny or two on travels. According to the study, Canadian tourism spending is expected to increase by 3.6 per cent, to roughly $40 billion this year.
Among the top tourist destinations for Canadians are Mexico, the United States and France. Within Canada, the top three domestic travel destinations are Ontario, Quebec and British Columbia. Prince Edward Island contributed the smallest portion of domestic travel.
Gains in tourism abroad have contributed to an international travel deficit of $15.9 billion in 2011, up from a previous figure of $14.3 billion in 2010.
Many Canadians sought to conduct travels for pleasure rather than business; traveling for pleasure as well as to visit family and friends were among the greatest reasons for travel to the United States and elsewhere abroad for Canadians.
Credit cards remain a widely popular method of payment for traveling expenses; however, it is best not to lay all your eggs in one basket.
Picture this uncomfortable scenario: you’re on the vacation of your dreams, basking in the warmth of tropical paradise. You’re enticed to take on a few activities. Realizing you misinterpreted the true meaning of all-inclusive resorts, you scrounge for cash you can sweep up.
Diversify your spending methods to cover your tracks and ease your mind in the event that you are left in a financial struggle on vacation. Have local currency on hand, as well as both your debit card and credit card.
With domestic travel in Canada forecasted to stay down through 2012, domestic travel industries must seek to maintain a strong hold amid sliding demand by means of establishing innovative opportunities and solidifying operating costs.
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