There’s good news for the travel and tourism industry worldwide, as a new Mastercard study finds that consumers and business travelers alike expect to increase their travel in the next few years. LEISURE AND BUSINESS TRAVEL BOOST Between 2022 and 2025, consumers expect the number of annual trips they take to increase by 16%, while business travelers anticipate a 29% rise. Travel demand is being boosted by many factors, including pent-up demand, topped-up savings, flexible work arrangements and a widespread reordering of priorities. Many are also looking for reprieve: 71% of consumers told Mastercard that they’re desperate for a Read more
leisure travel
Flight bookings are taking off in Canada and around the world. A study from the Mastercard Economics Institute found that flight bookings around the world show an impressive 33% year-over-year growth. It also found that leisure flight bookings in Canada were up 45.1% in the first quarter of 2023 compared to the same period last year. New insights from Mastercard reveal that consumers are prioritizing leisure travel and pioneering new corridors around the world. Released today, Travel Industry Trends 2023 delivers key insights about the global state of travel, punctuated by shifting economic landscapes, persistent consumer demands, and a reopening of mainland Read more
The Toronto tourism economy is rebounding strongly, but there are plenty of cautionary flags flying in the June breeze. I had a chance to sit down (virtually) the other day with Andrew Weir, Executive Vice President Destination Development for Destination Toronto, to talk about where the city is headed. Nobody’s popping the champagne corks just yet, but they might be thinking of what they might want to order at the LCBO when the time comes. “There’s absolutely a sentiment in the community now that we’re on the on-ramp back to that state of a thriving visitor economy,” Weir said. “I Read more
A top Air Canada executive says business travel in Canada could reach pre-2019 levels by the end of this year. There’s also encouraging news about a Canadian leisure travel rebound. In an interview with Reuters, Air Canada Chief Commercial Officer Lucie Guillemette said Canada could even be close to pre-pandemic business travel numbers by Labour Day. “We’re actually very encouraged,” she said this week. “We’re certainly not close to 2019 levels yet, but we are thinking, based on what we’re seeing, most probably by the time we hit Labour Day, or get into 2023 it should be quite close.” That’s Read more
The pandemic has been anything but kind to Canada’s hotel industry. But a senior official at Canada’s Germain Hotels says they’re going to be okay. “One thing for sure is we’re out of the woods,” Marie Pier Germain, vice president sales and marketing for Germain Hotels, told me in a recent Zoom chat. “The company is going to be okay.” Germain said the company has kept communication lines open with its investors during the pandemic But it’s not been easy. And it hasn’t been a straight line. “Everything we’re used to relying on to forecast budget is gone,” she said. Read more
