Canada’s tourism sector seems to be slowing down again, following a brisk recovery when COVID-19 lockdowns lifted, a new report found.
Over the past three years, the tourism industry had been clawing its way back to pre-pandemic numbers, however, a new report by TD bank found the pace of recovery started to slow this year.says the decline is due to financial challenges in Canada such as higher interest rates, a slowing job market and broader tourism slowdowns seen both domestically and internationally.
While domestic tourism has seen a faster recovery post-pandemic, the lag of international tourism presents a key weakness in the path to recovery. Saskatchewan, on the other hand, has lagged when it comes to international travel. Visits to the Prairie province are 40 per cent below the 2019 average. The report says this decline might be in part due to same-day tourists, whose numbers have fallen at less than 50 per cent pre-pandemic levels.
In the first quarter of 2023, domestic tourism spending reached approximately 90 per cent of its pre-pandemic levels, compared to 80 per cent for international visitors.
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