Falling US dollar will lure Canadian tourists this summer
US tourism businesses that cater to Canadians can expect more robust activity this summer in large part because of the weak dollar, predicts IBISWorld in their latest research.
“An anticipated influx of foreign tourists will boost demand for transportation, lodging and entertainment services,” the company says. It added:
“In particular, tourism from Canada, which accounts for about 40 percent of all trips to the United States by foreign citizens, will experience a stronger summer than last year due to the country’s economic recovery.”
IBIS says GDP growth of about 3 percent so far this year compares favorably with a 2.5 decline last year. The US dollar also continues to decline compared to the Canadian dollar.
The report says Japan has also rebounded since last year when its economy fell by more than five percent.
“Tourism-specific industries, such as tour operators, convention and visitor bureaus and sightseeing transportation will be obvious beneficiaries of any tourism increases,” says IBIS World experts. They predict strong growth from each of these industries this summer, noting a greater volume of international travelers will benefit the sightseeing transportation industry the most, as it bounces back from two straight years of rapid decline.
Lodging is the other natural beneficiary of increased tourism.
IBISWorld Industry Reports are used for understanding market size, competitors, drafting business plans, pitch books, benchmarking, forecasting, business valuations, litigation support, due diligence and more.
By David Wilkening
David
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