High-interest rates and uncertainty over the state of the economy are behind the tourism industry slowing down after its fast recovery from the pandemic. A report by TD titled "A Slow Road to Recovery for Canadian Tourism Spending," states the industry won't fully recover until about 2025.
Current tourism spending is at about 87% of where it was in 2019.
"Although more price-conscious tourists could weigh on profit margins in the sector, slower demand growth may allow the industry time to overcome labour shortages," the report states.
In BC, tourism employment is the highest its been since 2018 as employers work to overcome challenges finding and keeping staff.
Greater Victoria tourism earns environmental rep
Back in May, Greater Victoria received some love from a feature in Vogue about how we "became a sustainable travel hotspot." the article identifies a number of Chamber members who have helped make Greater Victoria green, including: