Record Year, but Growth Is Bound to Slow—The Canadian accommodation industry is set to expand at its strongest pace on record this year, both in terms of gross domestic product and revenues. However, high consumer debt and raising interest rates will slow domestic spending on travel, and the boom in international tourists is coming to an end.
Labour Shortage Now a Reality—Robust industry growth coupled with historically low unemployment levels are making it difficult for hoteliers to find the workers they need to meet demand. However, labour shortages are unlikely to subside in the short term due to weaker growth in the Canadian labour force in coming years.
Climate Change Will Transform Global Tourism—No region of the world has been spared by climate disruptions so far this year: wildfires, heat waves, hurricanes and typhoons, and the list goes on. In coming years, changing climate will transform tourism, potentially making today’s top destinations less popular and increasing consumers’ awareness of the true environmental costs of travelling.